Binance Reduces Deposit and Withdrawal Confirmation Time For Top Cryptos

Based on a recent report, the time required to withdrawals and deposit two major digital currencies at Binance has been reduced.

Binance recently made it known that it has made some alterations to its systems which makes it possible to make some block confirmations thereby reducing the amount of time it takes to confirm a transaction. For bitcoin (BTC), the time required to make deposits has been halved to one block confirmation. Withdrawals however still require two confirmations.

In the case of ethereum (ETH) and related ERC-20 tokens, the number of block confirmations needed for deposits and withdrawals has been reduced to 12 compared to the 30 which used to be required.

The news comes as the latest in a string of service additions and enhancements from Binance who recently revealed that it will be launching stablecoins and a bitcoin backed coin on its blockchain. Also, its crypto futures trading with almost 20x leverage is reportedly expected to be available soon.

Furthermore, the company has been upgrading its compliance methods via new partnerships with Cipher Trace, Elliptic, and Identity Mind in order to reinforce its anti-money laundering procedures.

Meanwhile, all of the firm’s users in the United States have now been cut off from its international site Binance.com probably because of problems related to regulations. But it is currently working on putting a regulated platform in place in the States. It has even employed Catherine Coley a former executive at Ripple to serve as CEO for the platform.

Regarding this, Founder and CEO of Binance, Changpeng Zhao released a statement in which he said that:

“I am confident that with Coley’s leadership and Binance’s leading technology platform, Binance.US will be able to provide valuable services to the U.S. community.”

Coley added to the statement by saying that:
“This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S., ”