I sent a very small amount of Ethereum to Binance to pay some stuff and to my surprise the deposit needs over 10 confirmations and after selling it again it needs dozens of confirmations!
Do they not trust Ethereum?
I went to read more about it and that just seems to be the case.
The most recent article from Binance (that I could find) says literally dozens of confirmations are needed:
Binance will be increasing the minimum unlock count of deposits into Ethereum (ETH) network from the current 12 blocks to 64 blocks.
I do like Ethereum and I like that they transitioned from PoW to PoS, but I haven't been following the news, why did the upgrade reduce the trust? I remember that only a few confirmations were needed.
Luckily Hive is my main blockchain and crypto, and here we do have 1 block finality, but still I am disappointed that after such a long time other blockchains are not improving in terms of transaction speed.
You've been curated by @plantpoweronhive! Delegations welcome!
I think I read yesterday, in the notifications that came to my Binance account, that they had eliminated some pair exchanges, among them I remember seeing ETH, the reason is unknown for me. I hope you were able to resolve that transaction. Greetings.
I believe it's out of an abundance of caution to ensure funds are not lost. What's also possible is the finalization times take longer for Eth PoS (or can take longer as an upper bound). The old PoW was probilitisc finality which means a certain probability of being final after X number of confirmations. Where as PoS has actual finality, but there is still some period in time before everything gets confirmed.
(I've seen 64 confirmations on another exchange, might be technical set limit not arbitrary)
Can’t be to careful, or can they hack ethereum that easy