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. 

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.

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.

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.

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 

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