Faced with the sudden BRC-20 this year, Binance temporarily suspended Bitcoin withdrawals in May and promised to integrate the Lightning Network as soon as possible. Today Binance stated on Twitter that it has established a Lightning Network node and completed relevant technical work. Lightning network deposit and withdrawal functions will be provided.
BRC-20 went viral, and Binance temporarily suspended BTC withdrawals
In Bitcoin this year, the rise of BRC-20 caused network congestion and on-chain transaction fees to skyrocket. Binance was also overloaded on May 7 and announced the suspension of Bitcoin withdrawal services at 11 p.m.
Binance resumed withdrawals in the early morning of May 8, and suspended them again on the morning of the 9th. It did not return to normal until close to 12 noon that day, and announced that it had adjusted Bitcoin withdrawal fees.
Binance also mentioned in the announcement that in order to prevent similar situations from happening again, in addition to continuously monitoring on-chain activities and adjusting fees in a timely manner, it will also be committed to developing Bitcoin Lightning Network withdrawal services.
Binance: Lightning Network node has been established
Binance tweeted on June 20 that it has established a Lightning Network node, but there is still a lot of technical work scheduled, and it will work hard to integrate Lightning Network deposit and withdrawal services in the future.
#Binance is working to integrate the#BitcoinLightning Network for deposits and withdrawals.
Some eagle-eyed users spotted our new lightning nodes recently. Yes – that's us!
However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https://t.co/N0oN8561sN
— Binance (@binance) June 20, 2023
BUIDL promised? Binance lags behind many exchanges
In fact, OKX, Kraken, and Bitfinex have already supported the Bitcoin Lightning Network:
OKX: 2021
Kraken: April 2022
Bitfinex: December 2019
On the contrary, Coinbase and Binance, which have higher market shares, have not yet supported the Lightning Network.
Coinbase founder Brian Armstrong was complained by the community on Twitter in April this year, saying that he deliberately ignored news about the Bitcoin Lightning Network and never tweeted about it.
Armstrong replied that the Lightning Network is great and will be integrated as soon as possible. But there seems to be no further news so far.
My tweets auto-delete after some number of months, so there is no search history.
Lightning is great and something we’ll integrate.
— Brian Armstrong (@brian_armstrong) April 8, 2023
This article temporarily suspended Bitcoin withdrawals in May, Binance: has established a node and will provide Lightning Network deposit and withdrawal services in the future. First appeared on Chain News ABMedia.