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The Bitcoin (BTC) Lightning Network is coming to Binance exchange, as confirmed in a recent Twitter post shared by the trading platform today. The exchange had to come clean about its plans when it noted that some eagle-eyed users spotted its Lightning Nodes.
Binance revealed that while it has started work on the integration, it still has a lot of work to do to complete it. As the industry's largest crypto exchange by trading volume, Binance has continued to champion innovation that can help bring cryptocurrencies closer to the masses.
#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.
— Binance (@binance) June 20, 2023
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
Innovation amid crackdowns
Despite its unique product innovation, the trading platform is still one of the most attacked by regulators in both the United States and around the world. At the moment, both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have pending cases against Binance exchange.
The trading platform has applied to be deregistered in the United Kingdom, a request the Financial Conduct Authority (FCA) has granted. The exchange has continued to face significant headwinds in several markets in which it is operating, including Cyprus and the Netherlands.
In all of this, Binance has continued to innovate so as to help its community focus on more productive operational activities rather than the distracting lawsuits it is facing. This sentiment might be given as a reason for revealing the plans to integrate the Lightning Network moving forward.
Community reaction
Binance has achieved its goal, as community reaction toward this news proved to be quite promising. While through its struggles, Binance has received criticism from some members of the crypto ecosystem, the exchange has generally garnered the support of the majority in its moves.
CEO Changpeng "CZ" Zhao has written against FUD concerning Binance's business, and news like its Lightning Network integration will help switch the talking points moving forward.
Alex Dovbnya
Valeria Blokhina
