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On June 20, cryptocurrency exchange Binance announced the launch of nodes on the Bitcoin Lightning Network, which is an important step towards its integration for deposits and withdrawals.
In the tweet, Binance tagged users who noticed their new Lightning nodes and confirmed their presence. However, Binance stressed that more technical work needs to be done before the Lightning integration is fully implemented, promising to provide updates as it goes.
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
In response to Bitcoin (BTC) network congestion, on May 7, Binance announced its plans to enable the Lightning network to eliminate bottlenecks. In a tweet, Binance mentioned its ongoing efforts to withdraw BTC Lightning Network funds, acknowledging its potential in such situations. The increased congestion was primarily driven by the surge in BRC-20 transactions, fueled by the popularity of memcoins.
The Bitcoin Lightning Network is a layer 2 protocol built on the Bitcoin blockchain to address scalability issues. It allows participants to create payment channels, conduct off-chain transactions quickly and inexpensively, and, if necessary, settle through channels in the Bitcoin blockchain. The Lightning Network aims to improve the speed, scalability, and privacy of Bitcoin transactions, making it more efficient for microtransactions while reducing fees and congestion on the main network.
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Recently, Binance was involved in a legal battle with the US Securities and Exchange Commission (SEC), which caused a period of uncertainty for the company. However, there is a sense of relief after Judge Amy Berman Jackson of the US District Court for the District of Columbia approved the consent agreement between Binance, Binance. US and SEC. The agreement effectively overturned a temporary restraining order filed by the SEC that would have frozen all of Binance’s assets. US.