Binance exchange says it has distributed the coins resulting from the Bitcoin Cash Hardfork which was activated yesterday while also resuming trading on the tokens.
The second largest cryptocurrency exchange announced via a blog post published on its website that it had distributed resulting tokens on a ratio of one to one for every Bitcoin cash token held.
The blog post read:
“Binance has completed the distribution of both Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to all eligible users.
BCHABC and BCHSV balances were each distributed to users in a ratio of 1 BCC = 1 BCHABC and 1 BCC = 1 BCHSV, based on the snapshot of all Bitcoin Cash (BCC) balances taken at 2018/11/15 4:40:00 PM (UTC).”
The exchange further directed that it would open trading for the new tokens Today November 16.
Binance will open trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT trading pairs at 2018/11/16 8:00 AM (UTC).
Following the distribution, Binance explained that the initial Bitcoin Cash token have been delisted from the platform and all old balance have also subsequently been wiped from the user accounts. This means there will no longer be Bitcoin Cash (BCC on Binance) trading pairs on the platform.
The exchange promised to restore deposits and withdrawals of the new Bitcoin Cash tokens—BCHABC and BCHSV—once the blockchains and wallets are deemed stable and usable.
No Changes in New Token Tickers
Binance decided to distribute the tokens in spite of the on-going hash war between the opposing chains that resulted from the November 15 hardfork.
Binance CEO, Changpeng Zhao noted that the exchange has no plans to change the ticker symbol for the new tokens once they are assigned on the website.
“One thing about the fork, these symbol names will stay. Binance will not support changing of trading symbols later. If anyone asks for it later, let’s refer them back to this tweet.”
The tweet was in response to an earlier tweet where he expressed his discontent towards the split and hardforks in general.
“Let’s get this stupid fork over with already. I honestly don’t like forks,” just about the time of the fork.
This would not be the first time Binance will stick to its guns in matters concerning ticker symbol change—particularly Bitcoin Cash ticker symbol. Originally after the fork form the original Bitcoin blockchain, Bitcoin cash listed BCH and BCC as the official tickers for the new token. Binance took to the latter but over time, Bitcoin Cash decided to adopt BCH as the official symbol. But Binance did not budge and CZ explained the reason for this.
According to the Binance boss, changing the symbol from BCC to BCH is a rather complex process that will cause unwanted downtime on the platform, and it would not be worth it.
In response to a query on Reddit, CZ explained:
“BCC and BCH was both originally accepted symbols on their official website. They later changed the symbol. We are unlikely to update the symbol in the near term.
The reason is: due to the large, heavily-performance-optimized, distributed architecture, changing a symbol requires updating lots of places and data in our system. It would require at least a few hours of trading halt.
We felt the tradeoff is not worth it.”
Does BCH HardFork End The Debate over the Real Bitcoin?
Bitcoin Cash proponents like Roger Ver have often referred to Bitcoin Cash, fork of Bitcoin as the real bitcoin. But following the BCH hardfork, several bitcoin core supporters are having a dig at Bitcoin Cash community.
Binance’s naming of the resultant tokens appears to be one of these cases. Unlike in the hardfork of Bitcoin where the Bitcoin core retained the BTC while the fork was assigned BCH, Binance have proceeded to delist Bitcoin Cash entirely while having BCHABC and BCHSV replace it.
CZ himself took a dig at Bitcoin Cash in his tweet. “Less possibility of confusion with bitcoin now.”