Leading cryptocurrency exchange Binance on July 9 announced that the platform will henceforth cut the needed time to make withdrawals and deposits in both bitcoin and ether.
The cryptocurrency exchange said the major reason for the decision was due to a major adjustment in their system. The adjustment will thus make sure that the number of block confirmation-in effect, how long before a transaction is considered confirmed and can be executed.
A Major Adjustment in the System
The exchange went further, by stating that the time has been halved for bitcoin deposits to 1 block confirmations, while withdrawals will need two confirmations.
The same rule, however, does not apply to ETH and related ERC-20 tokens, as it will now take 12 block confirmations for both deposits and withdrawals, which is a further reduction from the previous settings that require 30 confirmations.
For clarity and accountability purposes, the respective blockchain will confirm blocks as normal and are not in any way controlled by Binance. The new adjustment on the system, which is programmed to aid swift and seamless service is now accepting a reduced number of confirmations as sufficient to alter wallet balances within its own system.
An Exciting Development
Binance has been on a development spree at the turn of the new year. The latest update on its system is the latest in a string of service additions and enhancement from the world’ leading exchange.
The exchange last month revealed its intention to roll out stablecoins and a bitcoins-pegged token on its own blockchain, while also announcing that crypto future trading with up to 20x leverage will soon be launched.
Binance has also stepped up its security measures, by partnering with financial security firms to curb money laundering and other financial crimes. The exchange has since partnered with IdentityMind, Elliptic, CipherTrace amid other security measures.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance is arguably the number one cryptocurrency trading venue and exchange in the world. In 2018 it was confirmed as the biggest crypto exchange in terms of the daily trading volume.
Security measures have become an integral part of the crypto community, this is basically due to the high cases of cryptocurrency financial crimes, cryptojacking, ICO scams and a whole lot of other fraudulent activities, that is now prevalence in and around the crypto community.
Bitcoin Exchange Guide last month reported that the consistent fraudulent activities in the crypto market have led the stock exchange blocking the listing of Reg A+ IPOs.
The exchange commission in its bid to combat crypto crime filed criminal charges against Longfin Corp. CEO Venkata S. Meenavalli, claiming that the firm and its CEO designed a crooked Regulation A+ IPO of Longfin shares by falsely representing information in filings submitted to the exchange commission.
The fraud-related incidences are also one of the reasons why major players on wall street are skeptical about the transparency of the crypto community, but with the major moves by Binance and other exchanges to rid the system, the public trust can be strengthened once again.