BitMEX Is Dumping All of Its Customers Bitcoin Cash

11/16/2017 - 08:48 UTC
 BitMEX Dumping All Of Its Customers Bitcoin Cash

Hong Kong-based Bitcoin Mercantile Exchange (BitMEX), the most significant exchange by Bitcoin volume per day (1 Billion USD) has announced it will automatically sell all its customers’ Bitcoin Cash.

According to BitMEX official post    there is a new Bitcoin Cash / Bitcoin futures contract is now live, it will settle on November 24th, 2017.
BCH futures’ underlying is the BCH/XBT exchange rate on Poloniex as recorded in the .BCHXBT Index.
The futures are quoted in Bitcoin, and all margin and PNL calculations are denominated in Bitcoin.

    Symbol: BCHX17
    Expiry Date: 24 November 2017 12:00 UTC
    Contract Value: 1 BCH
    Underlying: Poloniex Bitcoin Cash / Bitcoin exchange rate
    Leverage: 20x

The BCH futures contracts will settle on the .BCHXBT30M Index Price. Settlement occurs every Friday at 12:00 UTC.

Users of BitMEX did not receive Bitcoin Cash from the BCH hard fork event of August 1st, instead, BitMEX will sell all users’ Bitcoin Cash, and credit their wallet with the BTC proceeds.

BitMEX is known for not accepting the manner in which Bitcoin Cash was forked or the lack of maturity or notice before the fork;
the company considers this a risky action that imposes unacceptable costs on end-users and businesses.

BitMEX on its hard fork policy & BCH announcement was now:

“However, months after the fork, it is clear this coin still has value and popular demand, so we have decided to credit Bitcoin at the prevailing Bitcoin Cash price. Do not expect future coins to be credited in this way. BitMEX reserves the right to credit forks or not – in the presence of doubt, always withdraw first.”

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice on Bitcoin, Cryptocurrencies or finance in general.