CEX.IO, a UK-based crypto exchange, has announced its support for the Bitcoin Cash fork scheduled for 15 November 2018.
To facilitate this, CEX.IO will pause BCH deposits and withdrawals to secure user funds three hours before the scheduled fork. Once the network has been tested after the fork (testing will take around three hours) and correct transaction processing can be guaranteed, BCH transactions will be re-enabled.
The Bitcoin Cash network is regularly upgraded to improve the functioning of the blockchain. This time, however, the community has not managed to find consensus on the upgrade and there is the possibility of the chain splitting. If this happens, a new coin will appear and CEX.IO users will soon receive the new coin in the amount of their BCH balances at the time of the fork.
“To ensure the safety of users’ funds, we’ll pause BCH deposits and withdrawals before the fork. At the start of the fork, we’ll record account balances for users so they can get the new coin if it appears. We’ll also take some time to test the network after the fork and check that transactions are secure.” — Elaine Neal, CEX.IO Chief Product Officer.