Binance embraces community feedback; reduces no. of confirmations needed for deposits and withdrawals

  • 09 July 2019, Tuesday, 15:00

Binance will turn two on July 12 this year, and the exchange had always been ready to announce a host of additions and updates complimenting Bitcoin and its peer altcoins.

The Changpeng Zhao-led exchange has introduced many upgrades and rolled out several interesting features over the last few weeks. And despite the recent high-profile hack, Binance has been performing fairly well, white the value of its native token, BNB, remained unaffected so far.

In yet another important announcement, the exchange has made modifications to the number of block confirmations that are required for deposits & withdrawals for two of the world’s largest digital assets, Bitcoin and Ethereum.

With respect to the BTC network, Binance revealed the adjustment to just 1 block confirmation, instead of 2 for deposits and 2 block confirmations for withdrawals. With regard to ETH & ERC20 tokens, Zhao’s cryptocurrency exchange reduced block confirmations required for both deposits and withdrawals down to 12 from 30.

Binance CEO Changpeng Zhao aka ‘CZ’ retweeted the original announcement and emphatically commented with one single word,


— CZ Binance (@cz_binance) July 9, 2019

Complying with the regulatory framework of the US, Binance had previously teamed up with BAM Trading Services to launch Binance.US, following a restriction on the country’s users from using the exchange’s DEX and trading platform.

According to the official note linked to the announcement, the exchange has taken user reviews into consideration and taken the step to reduce the number of block confirmations required. This is yet another example of Binance acing the public relations game.