Bitcoin Forum

Has anyone experience the recent Binance transaction speed? The amount of time is now halved for BTC from two confirmations to one and down from 30 to 12 for ETH.

They made some dramatic shifts in terms of regulation by adding new partnerships between IdentityMind, Elliptic and Ciphertrace to help with their AML procedures and I was wondering if this had anything to do with the time being adjusted.


https://www.coindesk.com/binance-cuts-time-needed-for-btc-eth-deposits-and-withdrawals

That's an interesting point to notice. Is it Binance to choose the length of confirmation? If so, that would make sense to have more AML set in place and feel more secure to pick up the speed for confirmations

Binance obviously chooses the number of confirmations needed, but they MUST at least wait for two confirmations to be sure enough that they won't lose out because of stale/orphaned blocks.

In case of an exchange it's just stupid to accept deposits after just one confirmation because it allows people to participate in the market directly. This will guaranteed lead to Binance rolling back trades of people and thus disturb the overall market activity in case someone's deposit suddenly turns out to not be confirmed at all. Everything for the sake of pleasing greedy traders, right?  :-\

Is there any other exchange site that allows 1 confirmation only for Deposits and 2 confirmation for withdrawals? Other sites might follow this if they don't want to loose users or their users to shift to Binance and as to Binance, its a sleek move but I hope they can handle all of this since it looks like their goal is to attract more users in their site.

Obviously they've supposedly raising the bar and wanted to remind on top. But you will see that they are doing it to take advantage specially that crypto is now moving in a bullish direction. If they can at least cap 10% of new users coming and riding the bandwagon, then good for them  ;D. I'm not aware of any other trading platforms with 1/2 confirmations for deposits/withdrawal as well. But if other platforms wanted to do a catch up, I'm sure someone will follow what Binance has done about cutting time for deposits/withdrawals.

No doubt they would go on the same path to catch up with the competition if not then they would definitely bite up the dust yet users/traders would definitely jump off the ship and find much better one and thats what competition is.

You wouldnt succeed if you wont adopt or make such changes to make a better service.Binance do really know on how to step up on the game.