OKEx Will Suspend Bitcoin Trades, in Preparation for Potential Fork

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Late last week, GDAX announced its contingency plans to protect its customers’ Bitcoin holdings from risks that could arise due to the anticipated Bitcoin User Activate Soft Fork (UASF) on August 1, 2017. Now, OKCoin’s digital asset trading platform OKEx has detailed its own strategy for safeguarding its users’ funds as UASF draws nearer.

In a blog post today, the exchange announced that it will temporarily suspend all Bitcoin activity at the end of this month, as a precautionary measure. According to the official statement,

“During the potential fork, from 2017-07-31 to 2017-08-02, we will suspend Bitcoin deposits and withdrawals due to potential technical risks such as replay attacks and other issues that may cause network instability. We will further advise on specific timing but we advise that you deposit Bitcoin in advance in order to not affect your trading.”

The post also outlines the exchange’s position on support for different types of Bitcoin that might arise from a potential split of the coin’s blockchain, and assures its customers that OKEx will protect the “rightful ownership of their Bitcoin.” The exchange also noted that it will be monitoring events in the aftermath of any potential split, and could again suspend trading or even roll back trades if there is evidence that the market has been “maliciously manipulated.”

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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