HomeBitcoin NewsCryptocurrency Exchange BitOasis Will not Allow SegWit2X Trading After all

Cryptocurrency Exchange BitOasis Will not Allow SegWit2X Trading After all


There is another interesting development regarding SegWit2x. More and more companies are pulling their initial support. BitOasis, based in the UAE, will not allow S2X trading after all. They will credit user balances and allow withdrawals, though. It may prove to be rather difficult to trade this altcoin across exchanges in the future.

It is evident the debacle surrounding SegWit2x is far from over. A lot of companies initially pledged support, but some are already turning back on that decision. BitOasis, a well-respected exchange in the UAE, was one of those original supporters. They signed the New York Agreement, as did several other dozens of companies. However, they are not intent on fully upholding their initial support. Not entirely surprising, as their decision makes a lot of sense.

A Bold Decision by BitOasis

There is no reason to risk the company reputation for this altcoin. SegWit2x will not be Bitcoin by default, this it can only be an altcoin. With BitOasis no longer supporting trading markets for this currency, things have gotten a lot more interesting. It is the first of potentially many exchanges to disallow S2X trading. The user balances will be credited accordingly, though. Plus, users can move their airdropped coins off the platform as well.

According to the company’s customer support, the upcoming fork will cause a major split. With two blockchains to content with, BitOasis is making a tough call. They will disable all BTC deposits and withdrawals for 24 hours on the date of the fork. This should prevent the loss of funds. Moreover, since SegWit2x still has no mandatory replay protection, it ensures no one sends money to the wrong chain. It is unclear why they will no longer support S2X trading, though.

Additionally, the company will make further announcements in late November. This information pertains around when customers can access their new coins. It also appears BitOasis will finally issue the Bitcoin Cash balances at that time. There is no reason to keep money on an exchange when things like this take place. The company will do everything they can to make the process as smooth as possible. It will be interesting to see which exchanges allow S2X trading, though.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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