Cryptocurrency exchange Binance announced today, June 17th, the integration of the Bitcoin Lightning Network, and it is now open to customers to use the Lightning Network to deposit and withdraw Bitcoin (BTC).
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here
https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
The Lightning Network is a second-layer expansion solution built on the Bitcoin blockchain. This network enables users to establish off-chain transaction pipelines, ensuring faster, more affordable, and scalable transactions while mitigating congestion issues on the cryptocurrency blockchain.
Bitcoin Explosion Spurs Binance to Implement Lightning Network
In May, the Binance exchange confirmed that it would bring Lightning Network support after the exchange could not offer Bitcoin withdrawals smoothly even with high gas fees.
Before Binance, only a certain number of cryptocurrency exchanges (such as Bitfinex, River Financial, OKX, Kraken, CoinCorner, etc.) offered Bitcoin withdrawals via the Lightning Network, but now Binance is on this list.
In April of this year, the U.S. public cryptocurrency exchange also confirmed that it will bring customers Bitcoin Lightning Network withdrawal support.
Binance and Regulatory Hurdles
Over the years, Binance has ranked among the top cryptocurrency exchanges for its highly secure and responsive services.
Despite the better service, the exchange faces a formidable legal hurdle in the U.S. due to regulatory action by two of the country’s top financial regulators against its cryptocurrency services.
Currently, the exchange is focused on making some major changes to its services to be able to easily comply with the new rules and regulations set out under the framework of the European Union (EU) Market in Cryptocurrency Assets (MiCA), which will at some stage in the coming years take effect.
