Following the emergence of a planned hard fork on the Steem blockchain, the cryptoasset exchanges Binance and Huobi have announced that they will support the new network. The split is scheduled to occur this Friday. Following the fork, Binance plans to distribute the new tokens in a 1:1 ratio to holders of STEEM tokens. These decisions come amid a backdrop of a major governance dispute between a large part of the Steem community and Justin Sun, who recently acquired Steemit Inc. alongside a large and potentially influential portion of STEEM tokens. Binance and Huobi had previously announced their support for Sun in what is now a long-running governance dispute by effectively voting against a soft fork proposal to limit Sun’s governance powers.