As a precautionary measure, 13 Japanese exchanges have jointly announced they will be temporarily halting Bitcoin transactions on August 1st.
The temporary suspension of Bitcoin transactions has been announced keeping in mind the possibility of a Bitcoin split. According to a statement, the 13 exchanges are fearing a potential delay of Bitcoin transactions and even loss of transactions, that may occur on August 1st.
According to the exchanges, the fork will affect transmission and receipt of Bitcoins by all users and all exchanges will also be severely affected. JCBA is of the opinion that a Bitcoin chain split may cause an enormous delay of transactions and general clogging of the whole Bitcoin blockchain.
By suspending bitcoin withdrawals and deposits, the exchanges hope to ensure that the upcoming changes to the bitcoin protocol will end up to be safe and secure for further trading. The exchanges gave the following joint statement:
WE DECIDED TO TEMPORARILY STOP ACCEPTING BITCOIN DEPOSITS AND WITHDRAWALS AT EACH EXCHANGE…WE WILL STOP ONLY THE SERVICES RELATED TO DEPOSITING AND WITHDRAWING BITCOINS, BUT WE WILL PROVIDE OUR OTHER REGULAR SERVICES FOR VIRTUAL CURRENCIES AND LEGAL CURRENCIES.
Participating Japanese Exchanges
The 13 exchanges that will be temporarily halting Bitcoin transactions are:
- Bitbank Inc.
- Bitpoint Japan Co. Ltd.
- Quoine Co. Ltd.
- Fisco Cryptocurrency Exchange Inc.
- Coincheck Co. Ltd.
- Btc Box Co. Ltd.
- Tech Bureau Co. Ltd. (Zaif Exchange)
- GMO-Z.com Coin Co. Ltd.
- Campfire Corporation
- Bit Trade Co. Ltd.
- Bitcrements Bitcoin Exchange
- Tokyo Bitcoin Co. Ltd.
- Minnano Bitcoin
According to the report, Bitcoin transactions will be halted from August 1st, 2017 00:00 (Japan Time) to August 4th, 2017 16:00 (Japan time).