Binance Transactions have just gotten faster! Withdrawals and Deposits for BTC and ETH on Binance have just gotten faster. Binance Transactions are generally fast as is, but this is something new!
Binance announced today that it has adjusted its systems so that the number of block confirmations have been halved for Bitcoin deposits to just 1 block confirmation. Withdrawals will take 2 confirmations. Block confirmations, necessary to verify whether or not a transaction is considered confirmed as complete and executed, are a necessary part of cryptocurrency.
Bitcoin and Ethereum blockchain confirmations will not be controlled by Binance – to be clear, block confirmations will remain independent of Binance. The only thing changing is that the exchange is accepting a reduced number of confirmations by the respective blockchains as sufficient to be accepted by the platform.
Changpeng “CZ” Zhao simply said “Faster” when he retweeted Binance’s update.
The update comes as the latest in a string of additions and enhancements from Binance. Binance plans on rolling out Stablecoins and more coins on its own blockchain, the Binance Chain. Futures trading will be launched soon with up to 20x leverage.
Binance has also been on the news by announcing that US users will be banned from using the international site Binance.com. Catherine Coley has been tapped to lead the US regulated binance platform. What do you think? Let us know on our Facebook page!
