The cryptocurrency exchange AAX has officially released its handling plan for the upcoming Bitcoin Cash (BCH) network upgrade and hard fork, scheduled for approximately November 15, 2020, at 20:00 Hong Kong time. As part of its commitment to user asset security and platform stability, AAX will implement a series of temporary service adjustments leading up to and during the fork event.
Key Timeline and Service Adjustments
To ensure a smooth transition during the BCH network upgrade, AAX will carry out the following operational changes:
- 18:00 HK Time, November 15, 2020:
AAX will suspend all BCH deposit and withdrawal services. Additionally, all BCH trading pairs on the spot market will be temporarily halted. - During the Fork Event:
The BCHUSDT perpetual contract will remain active and tradable throughout the upgrade process, allowing traders to maintain exposure without interruption. - Interest-Bearing Accounts:
Users holding BCH in AAX’s “Chaochao Ying” (daily yield) savings product will continue to receive interest payouts as usual during and after the fork.
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Asset Snapshot and Distribution Strategy
Prior to the hard fork, AAX will conduct a comprehensive asset snapshot across all user accounts — including spot, futures, fiat, and wealth management portfolios — to accurately record BCH holdings. This snapshot will serve as the basis for any subsequent token distribution resulting from the fork.
In the event that the upgrade results in two distinct chains, AAX will follow community consensus to determine naming and listing priorities:
- The chain that receives greater community and miner support will retain the BCH ticker.
- The alternative chain’s resulting token will be distributed to eligible users at a 1:1 ratio, based on their BCH balance recorded in the snapshot taken at 20:00 HK Time on November 15, 2020.
This approach aligns with industry-standard practices used by major exchanges during contentious or scheduled forks, ensuring fairness and transparency for all stakeholders.
Understanding Bitcoin Cash Hard Forks
Hard forks are a natural part of blockchain evolution. They occur when developers introduce significant changes to a network's protocol that are not backward-compatible, leading to a permanent divergence in the blockchain. In the case of Bitcoin Cash, these upgrades often focus on scalability improvements, transaction speed enhancements, or new smart contract capabilities.
For users, hard forks can present both opportunities and risks:
- Opportunity: Free tokens from newly created chains.
- Risk: Potential price volatility, network instability, or confusion over which chain is considered “legitimate.”
Exchanges like AAX play a critical role in mitigating these risks by clearly communicating timelines, securing user assets, and distributing forked tokens fairly.
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Frequently Asked Questions (FAQ)
Q: What time will the BCH hard fork happen?
A: The Bitcoin Cash network upgrade is expected to occur around 20:00 Hong Kong time on November 15, 2020. This timestamp is based on blockchain block height triggers rather than an exact clock time, so slight variations may occur.
Q: Will I lose access to my BCH during the fork?
A: No. While deposits, withdrawals, and spot trading will be paused temporarily, your assets remain secure. The pause ensures accurate snapshotting and prevents anomalies during chain divergence.
Q: How does AAX decide which chain keeps the BCH name?
A: AAX follows community sentiment and mining support metrics. The chain demonstrating stronger adoption, hash rate dominance, and developer activity will retain the original BCH designation.
Q: Do I need to take any action to receive forked tokens?
A: No action is required if you held BCH in your AAX account before the snapshot. Eligible users will automatically receive forked tokens at a 1:1 ratio if a new chain emerges.
Q: Is the BCHUSDT futures market safe during the fork?
A: Yes. AAX keeps the perpetual contract open to provide liquidity and hedging options. However, traders should expect increased volatility and adjust risk management strategies accordingly.
Q: When will withdrawals resume after the fork?
A: Withdrawals will resume once network stability is confirmed on the primary chain — typically within 24 to 48 hours post-fork, depending on confirmation depth and ecosystem readiness.
Why Exchange Policies Matter During Forks
Blockchain forks can lead to market uncertainty. Clear communication from exchanges helps stabilize sentiment and prevents panic selling or mistaken trades. AAX’s structured approach — with defined timelines, asset protection measures, and transparent distribution rules — reflects best practices in digital asset management.
Moreover, maintaining futures trading during upgrades supports market continuity and allows institutional participants to hedge positions effectively.
Final Thoughts
As blockchain technology evolves, so too must the infrastructure supporting it. Events like the Bitcoin Cash hard fork test the resilience of both networks and exchanges. AAX’s proactive handling of this upgrade demonstrates a commitment to security, fairness, and user-centric design.
Whether you're a long-term holder or an active trader, staying informed about fork policies can help you make better decisions and capitalize on emerging opportunities in the dynamic world of cryptocurrency.
By following reliable sources and understanding how platforms manage technical transitions, investors can navigate forks with confidence — turning potential disruption into strategic advantage.