Binance working on Lightning Network Withdrawals

Binance, the leading cryptocurrency exchange has halted Bitcoin withdrawals twice within the past 12 hours, citing network congestion and a large volume of pending transactions. However, the exchange has continuously reassured users that funds are safe.

As of writing, Binance has resumed BTC withdrawals and confirmed that it is working on enabling BTC Lightning Network withdrawals to help in such situations. In order to process the backlog of transactions, the exchange is replacing them with higher transaction fees and has also adjusted their fees to prevent future reoccurrence. 

The incident has caused a slight panic in the crypto market, with Bitcoin dropping 2.6% in the last 24 hours. The leading currency is currently trading at $28,110 as of writing. To dispel any rumors of insolvency, Binance took to Twitter to clarify that the large outflows from Binance were only movements between Binance hot and cold wallets due to the BTC address adjustments. 

What is Binance:

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

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