Binance, the world’s largest cryptocurrency exchange, has revealed its plans to activate Bitcoin Lightning Network withdrawals in order to address the persistent issue of transaction backlogs. The exchange had experienced multiple suspensions of Bitcoin withdrawals in the past 24 hours, citing network congestion as the primary cause. To tackle this problem, Binance aims to implement the Bitcoin Lightning Network, which will facilitate faster and more efficient BTC transactions.
Although the introduction of the Lightning Network is expected to alleviate the backlog issue, it comes with a drawback—an increased transaction fee. However, Binance has assured users that it will take measures to mitigate the impact of the higher fees.
The exchange first suspended BTC transactions on May 7, attributing the halt to network congestion. It subsequently resumed the services but faced a similar situation on May 8, leading to another temporary suspension. In response to the backlog of pending BTC transactions, Binance plans to leverage the Lightning Network to clear the backlog and enhance transaction processing.
By enabling Bitcoin Lightning Network withdrawals, Binance aims to provide a more seamless experience for its users, improving the overall efficiency and reliability of BTC transactions on its platform.
