The Binance Exchange has announced that the warehouse and platform backups will be made faster. The feature is possible by reducing the number of transaction confirmations on the blockchain.
In particular, Bitcoin deposits will require a single block acknowledgment, and withdrawals will require two confirmations. As for Ethereum and the ERC-20 tokens, the number of confirmations has been reduced from 30 to 12.
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Binance does not control the respective blockchains, but only adjusted the internal procedures to change the wallet balances in their own systems.
The announcement was published by CEO Binance Changpeng “CZ” Zhao on Twitter with a simple message: “Faster”.
New services on the Binance exchange
The update comes as the latest in a series of service and enhancements from Binance.
Over the last few weeks, the platform has announced that it will launch a series of stable cryptomonas, including a Bitcoin-based token. Binance also announced that it will soon launch the option of cryptomontage futures transactions. This system will allow margin trading with a limit of 20 times.
The Exchange has also improved its compliance procedures through new partnerships with IdentityMind, Elliptic and CipherTrace. The plan is to introduce improved money laundering prevention procedures.
Recently, Binance has announced that it will prohibit US users from trading on the Binance.com international site. The company is preparing a separate platform dedicated to the US market that respects the complex legislation in the country. Former Ripple Executive Director Catherine Coley has recently been appointed CEO of this initiative.
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