Binance Adds Support for SegWit Bitcoin Deposits
Shutterstock
Main page News, Bitcoin, Exchange, Binance, Cryptocurrency Exchanges

Cryptocurrency exchange Binance has added support for Segregated Witness (SegWit) support for Bitcoin (EXANTE: Bitcoin) deposits. To make a deposit via a bech32 address, a user should select the appropriate option in the Binance interface, the company says.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Such addresses have a characteristic prefix "bc1". The SegWit update increases the number of transactions in a block, which in turn reduces fees, speeds up transaction processing and contributes to the scalability of BTC. According to transactionfee.info, 67% of all Bitcoin transactions currently use SegWit. The backing of a major exchange like Binance is expected to further boost their numbers.

Binance Airdropped Trust Wallet's Tokens to Educate on Non-custodial Wallets

Binance also announced plans to delist aeternity (AE) and hypercash (HC) cryptocurrencies. They will be excluded from the platform on December 30, and users need to withdraw their assets by March 30, 2021. In addition, the company announced the closure of its South Korean trading platform Binance KR. Binance plans to stop trading on Binance KR on January 10 and by January 29, 2021, to completely liquidate the platform.

Earlier in December, iHodl reported that Binance suspended almost all trading features because of an issue with a matching engine. While the nature of the problem remains unknown, margin and spot trading, OTC, peer-to-peer, Earn, Liquidity Swap, Launchpool (farming) and Cloud were disabled for almost 5 hours. All deposit, withdraw and transfer features were paused as well.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close