[2017-07-18] 13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1

[Terraformer]

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal with the possibility of a Bitcoin protocol split on August 1. Thirteen of the group’s bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

Suspension of Bitcoin Deposits and Withdrawals

The Japan Cryptocurrency Business Association (JCBA), formerly known as the Virtual Currency Business Study Group, announced on Tuesday its official plan for August 1.

Thirteen bitcoin exchange members of the association have agreed on how to deal with the possibility of a Bitcoin protocol split, which is expected on August 1 at 9:00 am Japan time, the JCBA detailed. “The occurrence of forking affects the transmission and receipt of bitcoins by all bitcoin users, and it is expected that all related virtual currency exchange operators and service providers will be seriously affected.”

The exchanges have collectively declared:

        "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."

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https://news.bitcoin.com/13-japanese-exchanges-suspend-bitcoin-service-august-1/

[peter0425]

Right move. The hard fork scenario is really looming around the corner and we can't blame exchanges for suspending deposits and withdrawal prior to the said date. This is also to protect their customers as well. They don't want their customers to be affected and I'm sure a lot of them really appreciates what Japan exchanges will be doing. We are hoping for the best after the Aug 1, if indeed the splitting would happen.

[Kprawn]

A Trading Holiday for most of us and a well deserved one at that. We do not know what will happen and the last thing we need is a mad rush

from panic nannies, at the slightest sign of trouble. It is a big day and most exchanges cannot handle the traffic when things goes crazy like

this. I am going to sit on my coins for a while, until I know what direction this is going. 

[snipie]

Many exchanges announced it will kind of suspend their service days before 1 August and others will follow for sure. Better for people to secure their coins before that time