Search ForexCrunch
  • The cryptocurrency exchange, Binance, made an official announcement of the reductions on block confirmations.
  • Binance are keen to further improve on their user base satisfaction, with the recent moves.  

 

Binance announced that the exchange made reductions to the needed number of network confirmations for deposits and withdrawals relating to cryptocurrencies on their platform.  

They detailed the move was taken as a measure of customer satisfaction, the assets included in the new development are the two top cryptocurrencies; BTC and ETH.

Binance said in the announcement:

 

In this new development, the number of network confirmation needed to deposit BTC was halved from 2 block confirmations to 1 block confirmation while the block confirmations needed to make withdrawals stands at 2 block confirmations. The number of block confirmation for both deposits and withdrawals of Eth was reduced from 30 to 12 block confirmations.