Now Binance users can enjoy Bitcoin transactions at a very very low transaction fees.
The lightning network is a layer-2 scaling solution for the Bitcoin blockchain network so that people can easily transfer their Bitcoin at nearly zero transaction fees. In 2015, this concept was first drafted by Joseph Poon and Thaddeus Dryja. In 2019, a pseudonymous Twitter user hodlnaut tested this lightning network concept under the name lighting torch, which grabbed huge attention in the crypto sector.
On 17 July 2023, the Binance crypto exchange announced that the Lightning network has been introduced on the Binance crypto exchange. That means, Binance customers can now transfer their Bitcoin at nearly zero transaction fees.
#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
In May of this year, the Binance exchange confirmed that it will bring lightning network support, as the exchange was not able to provide Bitcoin withdrawal smoothly at even high gas fees.
There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees.Our team is working to accelerate the confirmation of all pending transactions.We'll provide updates here.
— Binance (@binance) May 8, 2023
Before Binance, only some particular numbers of crypto exchanges like Bitfinex, River Financial, OKX, Kraken, CoinCorner, etc were providing Bitcoin withdrawal via lightning network but now Binance is also on this list.
In April of this year, the American public crypto exchange also confirmed that it will bring Bitcoin lightness network withdrawal support for customers.
Binance & regulatory hurdles
For a few years, Binance exchange is standing at the top among the crypto exchanges because of its highly secured & responsive crypto services.
Despite better services, this exchange is under huge legal hurdles in the US because of the regulatory actions taken by the two top American financial regulators over the BinanceUS’s crypto services.
In the present time, this exchange is focused to bring some major changes in its services, so that it can easily comply with the new rules & regulations created under the European Union (EU)’s Markets in Crypto Assets (MiCA) framework, which will come Into effect in some phases in the next couple of years.
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