Dear OKEx user,
Ever since Segwit was activated on the Bitcoin Blockchain, the developer community has been constantly debating on how to scale this controversial cryptocurrency. Some believe that the block size should remain at 1M and scaling could be achieved by technology such as the lightning network. However, others are convinced that the best scaling solution is to increase the block size to 2M; also known as Segwit2x. Therefore, there is a chance that Bitcoin will experience yet another hardfork this year. If this is the case, then the fork is expected to occur on block 494784.
OKEx would like to take this opportunity to reiterate that: as a company dedicated to promote Bitcoin application, we strive to provide the best services to our customers. Therefore, we will support all major Bitcoin technical development roadmaps and respect our customers’ individual desire.
OKEx will follow the below protocol regarding the potential hardfork:
1. OKEx will support both withdrawal and trading of all split chain tokens from this hardfork, our users will have full control on their digital assets.
2. The spilt token supporting Segwit2x will be named as BT2, the token derived from the original chain will be named as BT1. If the hardfork occurs then BT1 will be renamed as BTC.
3. From October 17th 2017 whether the hardfork occurs or not, OKex will support the conversion between BTC and BT1 & BT2. One BTC can be converted to one BT1 & one BT2 and vice versa. At the same time, BT1/BTC and BT2/BTC spot trades will also be live.
4. If hardfork doesn’t occur, OKEx will cease the trading of BT1/BTC and BT2/BTC. The value of BT2 will turn to zero and users can convert their BT1 to BTC at a ratio of 1:1.
5. If hardfork occurs, OKEx will release BT2 based on users’ holding amount of BTC at a ratio of 1:1. In addition, all BT1 will be converted to BTC at a ratio of 1:1.
6. Since BTC is the base currency of OKEx, there might be a short period of price fluctuation on BTC pairs if hardfork occurs. User discretion is advised.
7. With regards of BTC Futures, the amount of BT2 distributed to contract holders would be determined by the snapshotted equity balance in BTC (Equity Balance = Margin + Realized PnL + Unrealized PnL). Please be also noted that there would be NO BT2 in Futures account. All deemed BT2 for contract holders would deposit to Users’ spot account in OKEx. OKEx would also consider to launch BT2 Futures subjected to market situation.
1. Digital asset is a high-risk investment instrument. Users should fully understand the risks and consequences involved in trading these cryptocurrencies.
2. Immediately before and after the potential Segwit2x hardfork until the network is stabilized, OKEx will suspend all BTC deposit and withdrawal. For your convenience, kindly arrange your deposit as early as possible before the Fork.
October 16th 2017