Share this article
Binance Cuts Time Needed for BTC, ETH Deposits and Withdrawals
Binance has just cut the number of block confirmations needed to make withdrawals and deposits in two top cryptocurrencies.
Updated Sep 13, 2021, 9:24 a.m. Published Jul 9, 2019, 10:11 a.m.
Make us preferred on Google
Binance has just cut the time needed to make withdrawals and deposits in two top cryptocurrencies.
The crypto exchange announced Tuesday that it's adjusted its systems so that the number of block confirmations – in effect, how long before a transaction is considered confirmed as complete and can be executed – has been halved for bitcoin deposits to 1 block confirmation. Withdrawals will take two confirmations.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For ethereum and related ERC-20 tokens, Binance said 12 block confirmations are now required for deposits and withdrawals – that's down from the previously required 30 confirmations.
To be clear, the respective blockchains will confirm blocks as normal and are not controlled by Binance. For the faster service, the exchange is accepting a reduced number of confirmations as sufficient to alter wallet balances within its own systems
Retweeting the update, Binance CEO Changpeng “CZ” Zhao said simply: "Faster."
The update comes as the latest in a string of service additions and enhancements from Binance.
In the last few weeks, it's been revealed that the platform will be rolling out stablecoins and a bitcoin-pegged token on its own blockchain. It's also announced that crypto futures trading with up to 20x leverage will be launched soon.
The firm's also been upping its compliance game through new partnerships with IdentityMind, Elliptic and CipherTrace to beef up its anti-money laundering procedures.
More controversially, the firm has barred all users from the U.S. from its international site Binance.com, likely due to regulatory issues, but is preparing to provide the States with its own regulated platform shortly. Former Ripple exec Catherine Coley was recently hired to lead that effort as CEO.
Binance CEO CZ image courtesy of Binance
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto stocks sink as spot volume plunges and bitcoin tumbles below $84,000
Bellwether crypto exchange Coinbase was lower for an 8th straight session on Thursday to its weakest level since May.
What to know:
- Already under severe pressure in January, most crypto-related stocks fell even further Thursday as bitcoin fell back below $84,000.
- Spot crypto trading volumes halved from $1.7 trillion last year to $900 billion, reflecting cooling market enthusiasm and cautious investor sentiment amid macroeconomic uncertainties.
- Those bitcoin miners who have pivoted business plans to AI infrastructure and high-performance computing continued to outperform.
Top Stories
