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On May 1st, Bitcoin withdrawals will be temporarily suspended. Binance has stated that lightning network deposits and withdrawals will be available in the future.

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On May 1st, Bitcoin withdrawals will be temporarily suspended. Binance has stated that lightning network deposits and withdrawals will be available in the future.

In response to the sudden BRC-20 incident this year, Binance temporarily suspended Bitcoin withdrawals in May and promised to integrate the Lightning Network as soon as possible. Today, Binance tweeted that they have established Lightning Network nodes and will provide Lightning Network deposit and withdrawal functions once the relevant technical work is completed.

BRC-20 Surges, Binance Temporarily Suspends BTC Withdrawals

This year, Bitcoin's congestion and skyrocketing on-chain transaction fees due to the rise of BRC-20 led to Binance experiencing overload on May 7, announcing the temporary suspension of Bitcoin withdrawals at 11 p.m.

Binance resumed withdrawals in the early hours of May 8, only to suspend them again on the morning of the 9th, with services returning to normal close to noon on the same day, along with an announcement of adjusted Bitcoin withdrawal fees.

In a statement, Binance also mentioned that to prevent similar situations from happening again, in addition to continuously monitoring on-chain activities and adjusting fees in a timely manner, they are committed to developing Bitcoin Lightning Network withdrawal services.

Binance: Lightning Network Nodes Established

Binance tweeted on June 20 that Lightning Network nodes have been established, but there is still a significant amount of technical work in progress, with efforts to integrate Lightning Network deposit and withdrawal services in the future.

Promised BUIDL? Binance Lags Behind Several Exchanges

In fact, exchanges including OKX, Kraken, and Bitfinex have long supported the Bitcoin Lightning Network:

On the other hand, high market share exchanges like Coinbase and Binance have yet to support the Lightning Network.

In April this year, Coinbase's founder Brian Armstrong faced community complaints on Twitter, where he was accused of deliberately ignoring news about Bitcoin's Lightning Network and had never tweeted about it.

Armstrong replied that the Lightning Network is great and integration will happen soon. However, there seems to be no further updates to date.