13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1

13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1

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.

Also read: Japan’s Cryptocurrency Business Association Plans for August 1 Guidelines

Suspension of Bitcoin Deposits and Withdrawals

13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1The 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 regular services for other virtual currencies and legal currencies.

Thirteen Participating Bitcoin Exchanges

Currently, the following 13 bitcoin exchanges are members of the JCBA that have agreed to this plan.

  • 13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1Bitbank 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

Japan’s largest bitcoin exchange by volume, Bitflyer, is not among the list of members of the association. According to a July 13 article by Nikkei, the exchange has not decided on a plan for the possible disruption, but is expected to come out with one this week.

Applicable Dates and Times

The suspensions will commence on August 1, 2017, at 00:00 Japan time. However, the JCBA warns that “in the event of the fork happening sooner than Aug 1, the suspension date/time may be advanced depending on the situation.”

The official service restart date and time following the network disruption is still “undecided,” the association noted, adding that (loosely translated):

We plan to update the acceptance of bitcoins and the resumption of withdrawals by 16:00 August 4, 2017 (Japan time).

What do you think about the JCBA’s plan to deal with the upcoming disruption? Let us know in the comments section below.

Images courtesy of Shutterstock and JCBA

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  • Makes sense

  • Jeff K

    Kind of pointless now tho right? Considering segwit2x will now be a locked in guarantee within the next day. Which is when they will have signalled the appropriate number of blocks to of been accepted. Its like 300 sometging blocks to lock in and the same amt again that as long as errors dont develop running the new protocol makes it absolute and final. But for all purposes after it gets those first 300 something like 330 , its won and guaranteed the rest is just beta testing. And since segwit2x easily has ths majority with close to 90% acceptance i think its pretty safe to say this issue and all the drama is over now. We have a winner by a long shot, what point would suspending services do but harm bitcoin and its value and cause unnecessary fear and uncertainty amongst those who dont know any better. Which ubfortunately is most and they can tank the price on a whim over stupid misunderstood crap. We have a consensus, a real one, thus isnt climate change we are talking about here, where consensus apparently has a completely different meaning that isnt most people agreeing on something. No statistical fakery here. Real simple tally of signals

    • Daxx10

      “i think its pretty safe to say this issue and all the drama is over now”

      ^ It’s not ‘over’ at all.

      • PBV

        There will always be drama. Some of these people are so dense they have their own event horizon.

        However, the community seems to be moving forward on Segwit2x, and the August 1 situation seems to be resolving nicely on that basis. The next hurdle will be mid-November, where I expect the most toxic of the Core devs and about 400 people operating nodes in their basement will fork off onto a minority go-nowhere chain with a different POW.

        • Daxx10

          Yeah, something like that …

          (fkkknnelll – facepalm LMAO)

    • Fun Diplomat Channel

      This is far from over! The worst is yet to come. I have sold 509 BTC last month. Bought them in 2011. Now I’m waiting to re-enter. It will again drop and last night was just a bounce, normal nothing new. Prepare for another bloody weekend!

      • Kuangwei Hwang

        You are a millionaire?

      • terry gregory

        You sold, i guess you kept some. Maybe the right call ? You sure don’t.know True wealth is who you, are , it’s dam sure not what to have. Let’s play ball !

  • Keny Nic

    I think the the haters of Bitcoin want to create sensational news…..most likely to serve their interests! As far as the great minds on cryptocurrencies have have opined, segwit2x is a well tested, flawless tech that will be installed and put to use as scheduled without any mishaps whatsoever!! Hence, a shouting and negative Headline on segwit2x of this kind is most likely intended to attract undeserved content curiosity and and probably to discretely promote other coins at the expense of BTC. Quite frankly, its a war on Bitcoin but I want hasten to warn however, that, bitcoin is very resilient…it has come to stay, like it or hate it.

    • Randallpiz

      Bite me.

    • Matthew Delucia

      segwit2x is financial hegemony finally in control of BTC. It seems you
      know nothing abt btc or you are just another pure troll for the new york
      crooks who already want to control the market.. Brief explanation.. The
      original developer of BTC software is Bitcoin core devs… Bitcoins
      core is introducing segwit while a group of companies, miners ( I
      believe Washington has threatened their balls) to submit and set up
      segwit2x.. Another software entirely that is not developed by Bitcoin
      core ok.. Here your btc can easily be reversed (Like a Charge back from a
      credit card company which is one of the failures of the current
      financial setting by the hegemony)

      Segwits2x is hard-fork while
      Segwit is soft fork.. Soft fork is the best ok.. Soft fork means
      freedom. Segwit2x is like Ethereum which is controlled by the big guys
      again.. Segwit has no control or whatsoever.. Honestly this split is
      still very real.. Dont mind this article ..

      • PBV


        So you understand that the only difference between Segwit and Segwit2x is that the block size is bigger, right? That enables lower fees and more “average user” transactions on the main chain. That’s it. I’m not sure how you get from that to “financial hegemony”, are you? Bigger blocks don’t lead to reversible transactions. They just lead to more transactions.

        The original developer of bitcoin was Satoshi, and after that Gavin. The current Core developers all came later, and in some ways drove out the original developers. A significant subset of current Core developers work for the Blockstream Corporation, which has a financial interest in Segwit. Depending on your viewpoint, you might consider that just fine, or you might consider them sellouts.

        Soft forks have nothing to do with freedom, only backward compatibility. A hard fork just means that someone running an old client has to update, just like you have to update your computer OS sometimes if you want to run newer software. A soft fork means that old nodes don’t have to update… yet. That’s it.

        Segwit raises the possibility of serious “control” on side-chains if they take over and the bitcoin main chain becomes a “settlement layer” in the way that some Core devs propose. Just a possibility. Segwit opens up other possibilities, both good and bad.

        • Matthew Delucia

          Yes, i know the history of BTC.. I even started using is immediately after Liberty reserve went offline ok. The current software we are using or have been using is from Bitcoin core.. This is acceptable for now and any further hijack this time artificial wont work…. The Segwit will finally be introduced as it has already signal over 80% required witnesses ok.

          Besides you will be seeing an end to scaling issue with this segwit e.t.c Segwit2x is not just it and the fact that some crooks gang up in New York to short-circuit is has ended in failure….

          What we have been using currently just makes super sense and uncontrollable or irreversible ok..

          and it makes super sense again.

  • Let bitcoin live as email.

  • Dora Augustain

    Y tambien clubfastcoin son estafadores!!!!