Uphold to temporarily suspend all Bitcoin transactions
In light of recent developments in the Bitcoin community and the impending chain split on August 1, 2017, we want to inform our members of the steps that will be taken by Uphold to ensure a safe and secure transition. Multiple exchanges have notified Uphold of their intent to suspend Bitcoin deposits and withdrawals, and to not initially support Bitcoin Cash (often referred to as BCC or BCH depending on which exchange you use) resulting in a lack of access to exchanges and Bitcoin liquidity during this time.
After careful consideration and out of an abundance of caution to protect and ensure the integrity of member funds, Uphold will temporarily disable all Bitcoin transactions (including withdrawals, deposits, and trading). The exact length of time for the temporary suspension is unknown, and in large part, will be dictated by the exchanges, once majority hash power has been clearly established. As always, our focus remains on the safety and integrity of our Members’ funds within Uphold, and safety is Uphold’s driver for any strategy addressing the challenges posed by a Bitcoin fork.
As we have seen during previous forks, activity in alternate cryptocurrencies tend to spike and, as a result, Uphold will continue to allow Ethereum and Litecoin trading (excluding to and from Bitcoin) but reserve the right at our sole discretion to halt trading if the networks or exchanges experience issues. Additionally, we reserve the right to reverse any transaction during this time until we deem the networks have stabilized.
As an Uphold member, here’s what you can expect:
- On 31 July 2017 at 19:00 UTC (15:00 EST, 12:00 PST), Uphold will temporarily suspend all Bitcoin transactions (deposits, withdrawals, and trading). This suspension will remain in effect until such time as we deem the situation to be stable.
- Temporary suspension of Litecoin and Ethereum trading to and from Bitcoin. If you wish to move Bitcoin into either of these currencies, please do so prior to suspension. We will monitor trading activity in Ethereum and Litecoin and reserve the right to suspend trading should situations dictate at our sole discretion.
- Uphold will evaluate support for Bitcoin Cash Coins (BCC) as we do with any cryptocurrency. This will begin after stabilization occurs to ensure due diligence can be properly performed and only after exchanges have agreed to support the currency.
- To avoid transaction replay issues of any funds sent after the fork has taken place, we will only credit the card you send to, any replayed funds on a forked chain will be lost.
- Uphold will NOT process, recognize, be responsible for or deliver any Bitcoin Cash Coins (BCC) until such time as we elect to support Bitcoin Cash (BCC). Uphold will take a snapshot at the time of suspension of all Bitcoin (BTC) in member wallets. Uphold will monitor the Bitcoin Cash (BCC) network stability and developments and assess the viability of opening trading of Bitcoin Cash (BCC) assets.
- We will continue to provide updates via our Twitter and Facebook pages.
There is no guarantee that any markets will open to allow BCC assets to be tradable on Uphold. All other services will continue to be supported through the temporary suspension.
If you have any questions, please contact our support team, [email protected].
Thank you for being a valued member of Uphold!