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Bitcoin Lightning Network Successfully Integrated by Binance

BTC Transactions Enhances with Bitcoin Lightning Network Integration

Binance has successfully integrated the Bitcoin Lightning Network into its platform, allowing users to conduct BTC withdrawals and deposits using this layer-2 scaling solution. This development comes just a month after Binance announced its intention to integrate the Lightning Network.

Bitcoin Lightning Network logo and Binance

The official confirmation of the integration was provided through a blog post on July 17, introducing the “LIGHTNING” option for Bitcoin withdrawals and deposits.

In addition to this new feature, users still have various other options, including BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

Deposit Crypto BTC Chart

In May, Binance faced increased congestion on the Bitcoin network, leading to a temporary halt in BTC withdrawals. The Bitcoin mempool, where pending transactions are stored, accumulated over 420,000 unconfirmed transactions during this period, surpassing levels seen even during the 2021 bull run.

This network congestion resulted in a significant rise in average transaction fees for Bitcoin and was attributed to the introduction of the BRC-20 token standard on the Bitcoin Ordinals protocol.

Several major cryptocurrency exchanges, including Kraken, OKX, and Bitfinex, along with the mobile payment platform Cash App, have also integrated support for the Lightning Network.

Binance has faced challenges and regulatory scrutiny, including legal action in the US, resulting in closures in various countries globally.

More details about the legal action can be found here.

Additionally, Binance acknowledged a brief technical issue with its withdrawal system lasting around 10 minutes in the last 24 hours. CEO Changpeng Zhao (CZ) assured users that the problem has been resolved and urged them not to succumb to FUD.

Regarding recent layoff news, CZ addressed the situation, stating that the reported number of layoffs is exaggerated. He confirmed that some “involuntary terminations” did occur but emphasized that the company is still actively hiring new employees.

However, following CZ’s handling of the investigation conducted by the US Department of Justice (DoJ), several key Binance executives chose to resign earlier this month. Those who stepped down include General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, SVP for Compliance Steven Christie, and former IRS agent Matthew Price.

The coming months will be closely watched for developments at Binance.



With Binance’s recent integration of the Bitcoin Lightning Network, transaction speeds and efficiency are reaching new heights, making this an opportune time for BTC miners to maximize profitability. Explore advanced mining solutions at Mining Store Australia, where you can access cutting-edge technology like the Bitcoin Lightning Network to enhance your mining operations and stay ahead in the competitive cryptocurrency landscape.

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