{"id":530528,"date":"2023-05-08T12:30:34","date_gmt":"2023-05-08T12:30:34","guid":{"rendered":"https:\/\/wncen.com\/?p=530528"},"modified":"2024-06-11T14:36:09","modified_gmt":"2024-06-11T14:36:09","slug":"binance-to-activate-bitcoin-lightning-network-withdrawals","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-to-activate-bitcoin-lightning-network-withdrawals\/","title":{"rendered":"Binance To Activate Bitcoin Lightning Network Withdrawals"},"content":{"rendered":"

After suspending Bitcoin withdrawals multiple times in the past 24 hours, the world\u2019s largest crypto exchange announced plans to create a lasting solution.<\/span><\/p>\n

Related Reading: Bitcoin Block 788695: The Day Transaction Fees Took The Crown<\/a><\/div>\n

The firm now plans to include the Bitcoin lightning network for BTC transactions. The only downside is that the alternative comes with a higher fee. But the exchange revealed plans to cushion it.<\/span><\/p>\n

Binance Plans To Enable BTC Lightning Network Withdrawals<\/h2>\n

According to a recent report<\/span>, the exchange is working toward enabling Bitcoin lightning network withdrawals. This move will help clear all backlogs on BTC transactions over the past few days.<\/span><\/p>\n

Notably, Binance suspended Bitcoin transactions twice within the past 24 hours. On May 7, the exchange halted BTC transactions, stating that network congestion was the reason for its action. It later reported the resumption of the transactions.<\/span><\/p>\n

Later the firm announced the <\/span>temporary suspension<\/span><\/a> of Bitcoin transactions again today, May 8. According to its statement, there\u2019s a high backlog of pending\u00a0 BTC transactions. So, it plans to clear up the backlog by introducing the Bitcoin lightning network withdrawals with higher transaction fees.<\/span><\/p>\n

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There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC<\/a> network gas fees.<\/p>\n

Our team is working to accelerate the confirmation of all pending transactions.<\/p>\n

We'll provide updates here.<\/p>\n

— Binance (@binance) May 8, 2023<\/a><\/p><\/blockquote>\n