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Binance, one of the world's leading cryptocurrency exchanges, has confirmed its venture into the world of Bitcoin Lightning Network nodes. This initiative is aimed at preparing the ground for the integration of deposits and withdrawals on its platform using the Lightning Network.
After an unexpected surge of users observing the Lightning nodes linked to Binance, the crypto exchange took to Twitter to validate these sightings. Despite the excitement, the exchange clarified that the complete incorporation of the Lightning Network is still in the works, with further technical tasks remaining to be fulfilled. Updates on the progress are expected to be shared with their community as they occur.
The decision to integrate the Lightning Network was born out of an incident on May 7 when pronounced congestion was noted on the Bitcoin network. Binance decided to combat these blockages by leveraging the potential of the Lightning Network. The Bitcoin traffic jam was largely due to an uptick in BRC-20 transactions, catalyzed by the growing fascination for memecoins among users.
The Lightning Network, a second-layer solution built atop the Bitcoin blockchain, is designed to tackle scalability issues. It empowers users to open payment channels, conduct speedy off-chain transactions at low costs, and close the channels when needed by settling on the Bitcoin blockchain. Its objective is to boost Bitcoin transaction speed, scalability, and privacy, making it more suitable for small transactions while simultaneously reducing fees and congestion on the primary network.
Amid these technical advancements, Binance has been entangled in a legal dispute involving the U.S. Securities and Exchange Commission (SEC). However, the tense situation has recently seen some relaxation after Judge Amy Berman Jackson from the U.S. District Court for the District of Columbia accepted a consent agreement between Binance, Binance.US, and the SEC. The resolution effectively nullified a provisional restraining order by the SEC that could have immobilized all Binance.US assets.
