Binance decides to support Bitcoin lightning network payment amid network congestion issues

Because of the increasing Bitcoin network fees, the Binance crypto exchange decided to bring Bitcoin lightning network-enabled withdrawal services.

Binance is a popular crypto exchange, thanks to its fast, secured, & efficient crypto trade services. The team behind this exchange is very big and always remains ready to handle any hack attack & fight suspicious activity. Over the past few years, Binance also engaged with government agencies to catch the bad actors. 

In the last couple of days, Binance exchange was failing to complete Bitcoin withdrawal requests on the platform citing Bitcoin network congestion. The whole problem was associated with the high load on the Bitcoin network and in the last two days Binance paused Bitcoin withdrawal two times. 

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.

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Our team is working to accelerate the confirmation of all pending transactions.

We'll provide updates here.

— Binance (@binance) May 8, 2023

On 8 May 2023, Binance the exchange confirmed that it will bring Bitlightning-enabled withdrawal support on the platform but for now, the Binance team will adjust Bitcoin network withdrawal fees, on behalf of the network activity.

To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.

Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.

— Binance (@binance) May 8, 2023

Binance CEO Changpeng Zhao (CZ) said that we should look at this situation from a point of positivity, which hints that a bull season is coming. 

CZ also said that Bitcoin is still better & cheaper than the fiat payment system.

Gas prices fluctuate and go up, transactions get stuck, fees go up, people complain. Bull market issues…

Look on the bright side though, still faster and cheaper than fiat. https://t.co/BMed7EPkAi

— CZ Binance (@cz_binance) May 8, 2023

Binance supports basic education in Uganda 

On 6 May, Binance charity announced that they raised nearly $150k worth of BNB coins & donated to an Uganda-based school. This school was forcibly closed in 2020 because of the COVID-19 pandemic.

Now the school has been renovated & here kids can get their basic education.

The school has been transformed from a few dilapidated classrooms into a safe and stable school. It now has nine classrooms, an office, a storage room, a main hall, and a girl dormitory.

Since the renovation, His Grace School is experiencing waves of interested parents. pic.twitter.com/Mts3ajjjym

— Binance Charity (@BinanceBCF) May 5, 2023

Such efforts by Binance subsidiaries are showing that Binance is fully focussed to push crypto as well as basic education among the kids/students.

Read also: FinTech Association of Hong Kong chair says crypto will solve the unemployment issue 

Binance decides to support Bitcoin lightning network payment amid network congestion issues

 

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