Binance Reduces Block Confirmations On BTC & ETH Transactions

By Dare Shonubi
Published July 10, 2019 Updated July 10, 2019
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Binance Reduces Block Confirmations On BTC & ETH Transactions

By Dare Shonubi
Published July 10, 2019 Updated July 10, 2019

Giant cryptocurrency exchange, Binance on Tuesday announced through their official announcement channel that the platform had reduced the required number of network confirmations needed to deposit and withdraw major cryptocurrencies on their platform.

As the exchange revealed that the decision was taken as a measure of customer satisfaction, the assets included in the new development are the two top cryptocurrencies; BTC and Eth.

Binance also seized the opportunity to promise its vast community of continual customer satisfaction efforts and also informed members to always submit suggestions relating to the development of the exchange. According to the announcement, To provide a better service for our users, Binance has made the following adjustments to the number of block confirmations required for user deposits & withdrawals

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 block confirmation halving also applied to Eth transactions, but this time, a bit improved!

The number of block confirmation for both deposits and withdrawals of Eth was reduced from 30 to 12 block confirmations.

The announcement closed with an appreciation remark and pledged continual and improved service offerings.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dare Shonubi
247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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