Binance reduces the existing time required to make withdrawals and deposits in two leading ‘cryptocurrencies‘.
Earlier today, the leading cryptocurrency exchange ‘announced‘ that it has modified its systems so that the actual number of block confirmations – in effect, how long before a transaction is confirmed into account and can be executed for further processes – has been halved for bitcoin [BTC] deposits to 1-block confirmation while the withdrawals will take 2-block confirmations.
On the other hand, for Ethereum [ETH] and other ERC-20 tokens, Binance revealed that the existing 30-block confirmations required for the deposits and withdrawals – have now been reduced to 12-block confirmations.
Retweeting the update, Binance chief operating officer Changpeng “CZ” Zhao ‘aforesaid‘ simply: “Faster.”
This update arrives as the latest string of service additions and enhancements from Binance.
Earlier from few weeks, there have been some important updates that the platform is expected to roll-out ‘stablecoins‘ and a ‘bitcoin-pegged‘ token on its own ‘blockchain‘. It’s additionally declared that crypto futures trading with up to 20x leverage will be launched soon.
The firm’s additionally in new partnerships with IdentityMind, Elliptic and CipherTrace is working to strengthen its AML [Anti-Money Laundering] procedures.
However, the firm has ‘banned‘ all users from the Unites States from its international web-site ‘binance.com‘, seemingly duw to regulative issues, but is preparing to offer the States with its own regulated platform shortly. Former Ripple official named ‘Catherine Coley’ was recently hired as the CEO of the company.