Poloniex and Deribit Disable Trading, What's Happening With Cryptocurrency Exchanges?

In an official tweet on the Twitter profile of the Poloniex exchange, the company spoke about the upcoming Bitcoin Cash fork.

The fork, a twice-yearly update to the platform, has come with a lot of media attention in the days leading up to it, but Poloniex wanted to offer something more. The post references a blog on Circle, which simply says,

“Starting today, Poloniex is offering customers the option to trade two tokens at the center of the debate about the pending Bitcoin Cash (BCH) hard fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).”

The blog goes on, saying that their plan it to take a neutral stance on the decision of which of the forks that the users opt for, but they also want to “empower” the users by offering trading activity that typically is not an option.

The pre-fork trading will make them “one of the most innovative exchanges in the world.” As the days get closer to the fork, they plan to “evaluate each hard fork individually” to help them to determine if they are supporting one of the forks or just offering the trading before the determination is made.

Poloniex noted that there are only certain pairs that will be eligible, including: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC. The company added,

“Customers can convert Bitcoin Cash into equivalent amounts of BCHABC and BCHSV and, also convert BCHABC and BCHSV back into BCH if they’d like to withdraw funds. Customers won’t be able to withdraw BCHABC and BCHSV ahead of the hard fork.”

Even though these opportunities are available on the exchange, that does not mean that users have any obligation to participate. Concluding, exchange added, “We will be supporting trading for both Bitcoin Cash ABC and Bitcoin Cash SV after the planned hard fork on November 15th.”

Though this news is important for the Poloniex exchange, they are actually following in the footsteps of HitBTC’s decision to allow users to trade futures in October 2017 for the SegWit2x token. Unfortunately, this token ended up being called off, which was primarily due to a lack of support. If Poloniex is successful, they will become the first exchange to achieve that milestone instead.

Right now, as of 8:50pm PST on November 7th, Bitcoin Cash is down by 5.15% and is being purchased for $586.01.

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