Binance completes integration of Lightning Network for depositing and withdrawing funds
The platform started integrating the protocol after problems with the withdrawal due to the high network load
17.07.2023 - 07:15
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What’s new? On July 17, the team of the Binance crypto exchange completed the integration of the Lightning Network payment protocol for BTC withdrawal and deposit. For this, users need to select the “LIGHTNING” option on the deposit page. Bitcoins can also be deposited and withdrawn using BNB Smart Chain, Bitcoin, BNB Beacon Chain, BTC (SegWit), and Ethereum ERC-20.
Information on the Binance website
The Lightning Network, a Layer 2 (L2) payment protocol, is used to speed up transactions on the Bitcoin network and address scalability issues. It was implemented into the mainnet in 2018.
Binance and Lightning Network. On May 7, Binance suspended bitcoin withdrawals twice due to the high load on the network. The next day, the platform’s team announced that it was considering allowing withdrawals via the Lightning Network.
Lightning Network will implement a transaction analysis system from Chainalysis and TRM Labs
Analysts and regulators will be able to monitor bitcoin transactions for regulatory compliance
On June 20, the Binance team launched Lightning Network nodes for depositing and withdrawing funds. At the time, the exchange’s representatives noted that there is still “more tech work to be done” before the network is fully implemented.
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