bitbank, Inc., the Japan-based company offering multiple solutions for trading cryptocurrencies today announced in a joint statement with the Japan Cryptocurrency Business Association (JCBA) that its exchanges bitbank.cc and bitbank Trade will both suspend BTC deposit/withdrawal starting on August 1st through August 4th.
The company said, “it considers the conservation of customer assets a top priority for the decision with regards to the branch risk of Bitcoin that is occurring on August 1st.” Throughout the process, bitbank says they will monitor the state of the network and we will release information to customers by 4:00 JST on August 4th.
bitbank went on to list the following policy:
1) If branches are brought forward due to unforeseen circumstances, suspension of deposit/withdrawal measures may be advanced without prior notice.
2) For the conservation of assets, if Bitcoin branches and customer balances are duplicated on multiple blockchains, only when bitbank accepts the chain which will last, it will inform customer accounts and will grant the balance of branched currency. Regarding the grant timing, bitbank says it will not decide at the present time. Also, if the market judges the branch of the Bitcoin blockchain permanently worthy, the company will then consider this for listing and restart trading operations.
Japan's bitbank to suspend bitcoin deposit and withdrawal on Aug 1
