Binance is reportedly working on integrating Bitcoin Lightning Network into its platform. In a recent update, the world’s largest crypto exchange by trade volume has confirmed that the Bitcoin Lightning Network will be integrated for deposits and withdrawals.
Binance made this known earlier today via a Twitter post on its official page. The crypto exchange admitted this development after some “eagle-eyed” users already spotted its lightning node.
According to Binance, while the process of integration has started, it still has a lot of tech work to do before it is completed. By incorporating the Lightning Network, Binance continues to push innovations that can help to increase the adoption of cryptocurrency.
#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.
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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
Meanwhile, the comment was made in reference to a previous tweet on May 8 which informed the community that the Binance team is working on enabling the BTC Lightning Network to help make transactions easy and consequently reduce trading fees.
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Binance community reacts
The Binance community welcomed the announcement with positivity as the innovation seem quite promising. While some members of the crypto industry have criticized Binance throughout its troubles, the exchange has received widespread support for its actions. One of the notable reactions from the community is from @LokalBitBuddY, expressing his joy that a major player in the cryptocurrency space is adopting the Bitcoin Lightning Network.
Oh wow, that's great to see such a big player adopting lightning network
— LokalBitBuddY🦇🔊 (@LokalBitBuddY) June 20, 2023
More applause continues to pour in.
Binance and regulatory issues
The top cryptocurrency exchange has been a victim of regulatory crackdowns recently, taking hits both in the United States and internationally. Presently, both the Securities and Exchange Commission and the Commodity Futures Trading Commission are after the crypto firm.
The SEC filed a TRO (temporary restraining order) motion against Binance requesting a total asset freeze on grounds that the exchange company and its CEO mishandled customers’ funds. However, the court denied the motion following its order given to the SEC and Binance to work towards a common ground.
Also, On June 14, the crypto exchange applied to deregister from Cyprus. Similarly, Binance announced on June 16 that it will be departing from the Dutch market after failing to get a virtual asset service provider (VASP) license.
The Nigerian SEC came after the company in a press release when it stated that Binance is unregistered in the country and its operation is illegal. However, Binance CEO, Changpeng Zhao declared the mentioned entity in the SEC’s circular “Binance Nigeria Limited” a fraud, issuing a cease and desist notice.
In the face of all these regulatory setbacks, Binance has continued to pave the way for cryptocurrency innovations rather than focusing on lawsuits and distractions.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.