Bitcoin Cash (BCH) is scheduled to undergo a hard fork on November 15, 2020 (HKT), resulting in two competing node implementations: Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). As a result, users holding BCH at the time of the fork may receive two separate digital assets. To ensure a smooth transition and protect user interests, OKEx has established a comprehensive handling plan across all platform services, including spot trading, margin trading, futures contracts, financial products, and asset distribution.
This article outlines OKEx’s strategic approach to managing the BCH fork, detailing timeline adjustments, risk controls, and post-fork procedures—ensuring transparency and operational stability for all users.
Timeline and Service Adjustments
To minimize technical disruptions during the fork window, OKEx has implemented a phased suspension of key services related to BCH.
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Spot and Margin Trading
- November 8, 2020, 11:00 (HKT):
Suspension of BCH borrowing for margin trading. - November 14, 2020, 11:00 (HKT):
Automatic forced repayment triggered for outstanding BCH margin loans. Users with open positions in BCH/USDT or BCH/BTC pairs must repay borrowed assets before this time to avoid system-enforced liquidation. - November 14, 2020, 17:00 (HKT):
Full suspension of spot and leveraged trading for BCH. All open orders will be canceled automatically. - November 14, 2020, 18:00 (HKT):
BCH deposit services halted. Users are advised to complete deposits in advance. OKEx will handle all technical aspects of the fork process on behalf of users.
C2C Fiat Trading
- November 8, 2020, 11:00 (HKT):
BCH-based peer-to-peer (C2C) fiat trading functionality will be disabled to prevent settlement issues during network instability.
Futures Contract Handling Strategy
OKEx’s derivatives market maintains continuity through structured adjustments to index composition and risk parameters during high-volatility events like hard forks.
Contract Underlying Asset Selection
Prior to the fork, BCHUSD and BCHUSDT futures contracts track the original Bitcoin Cash (BCH) price index. During the fork period:
- Contracts remain active under the same naming convention.
- Post-fork, the underlying asset will follow the chain with higher market value, as determined by consensus across major exchanges with minimal price divergence.
Index Composition and Risk Control Adjustments
The current BCH index is derived from multiple exchanges:
- BCHUSD Index: Weighted average from Binance, Huobi, Coinbase, and OKEx (each 25%).
- BCHUSDT Index: Similarly weighted across top-tier platforms.
As some exchanges may delist BCH pairs ahead of the fork, index reliability could degrade. In such cases, OKEx implements temporary risk management protocols:
A. Price Limit Rules
To maintain orderly trading when index data becomes sparse:
Delivery & Perpetual Contracts:
- Maximum price = 1-minute K-line average × (1 + 15%)
- Minimum price = 1-minute K-line average × (1 – 15%)
Where:
1-minute K-line average = (open price + close price) / 2
B. Liquidation Trigger Adjustment
During low-liquidity phases:
- Liquidation calculations shift from mark price to market midpoint price:
Market Midpoint Price = (best bid + best ask) / 2
C. Funding Rate Suspension
If fewer than three active spot markets exist one day before the fork:
- Perpetual contract funding rate cap set to 0%, halting funding payments temporarily.
Once post-fork spot markets stabilize and price convergence resumes across exchanges, OKEx will reintegrate the dominant chain into the index and restore standard risk rules.
Position Tiering and Leverage Management
Given increased volatility around the fork:
- Maximum allowable leverage for BCH contracts will be reduced.
- Maintenance margin rates across position tiers will be increased.
These changes aim to reduce liquidation cascades and shared loss events (auto-deleveraging).
New Delivery Contracts
No new weekly or bi-weekly BCH futures contracts will be listed after November 15, 2020 (HKT) to avoid settlement complications due to uncertain spot pricing during the fork window.
All changes to indices and risk parameters will be announced in advance via official OKEx channels.
Financial Services Impact
Savings Products ("Yu Bi Bao")
Users participating in OKEx’s yield-generating savings program:
- May continue earning interest based on available loanable balances after BCH borrowing is suspended.
- No action required—OKEx handles fork-related operations automatically.
- Assets remain secure without needing redemption.
C2C Lending Services
- November 8, 2020, 11:00 (HKT):
BCH can no longer be used as collateral for C2C loans. - November 14, 2020, 11:00 (HKT):
System-initiated forced repayment for all outstanding USDT loans backed by BCH. Borrowers must repay manually before this deadline to avoid penalties.
Fork Asset Distribution Process
To fairly distribute newly created assets:
Snapshot Window:
- November 15, 2020, 21:00–21:05 (HKT):
A five-minute snapshot captures total BCH equity across all user accounts. The extended duration accommodates high user volume.
- November 15, 2020, 21:00–21:05 (HKT):
Asset Allocation:
- The chain with higher market valuation across major exchanges retains the BCH ticker.
- The alternative chain is distributed as a 1:1 airdrop to user funding accounts.
- Distribution quantity is based on snapshot balances.
Post-Fork Availability:
- Reintroduction of deposits, withdrawals, and trading for both assets will be announced separately after network stabilization.
Users can view their airdropped tokens under:
Asset Management → My Assets → Funding Account
Frequently Asked Questions (FAQ)
Q: What happens if I hold BCH in my spot wallet during the fork?
A: You will receive both versions of the forked coins—BCH on the winning chain retains its name; the other is airdropped as a new token.
Q: Do I need to withdraw my BCH before the fork?
A: No. OKEx manages the entire process automatically. Keeping funds on-platform ensures eligibility for airdropped assets.
Q: How does OKEx decide which chain keeps the BCH symbol?
A: Based on price performance and liquidity consensus across major exchanges post-fork. The higher-valued chain inherits the original ticker.
Q: Can I trade the new forked coin immediately after distribution?
A: Trading availability depends on network stability and market readiness. OKEx will announce listing times separately.
Q: Will my futures positions be affected during the fork?
A: Yes—temporary adjustments to price limits, funding rates, and liquidation logic apply. Positions remain open but are subject to modified risk rules.
Q: Is there a risk of not receiving forked tokens?
A: Not if you held BCH within OKEx during the snapshot window. Off-platform wallets require manual claiming; exchange-held balances are fully supported.
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The information provided reflects OKEx’s best judgment based on current market conditions. In extreme scenarios where external factors shift significantly, OKEx reserves the right to adjust policies accordingly.
Digital assets carry inherent risks due to price volatility. Always conduct thorough research and assess your risk tolerance before investing. OKEx remains committed to delivering secure, transparent, and innovative financial services in the evolving blockchain ecosystem.