Lightning Network Bitcoin Deposits Now Live on Binance

Binance joins Kraken and Bitfinex in offering lightning network deposits.

AccessTimeIconJul 17, 2023 at 3:05 p.m. UTC
Updated Jul 17, 2023 at 3:34 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) holders can now deposit their assets to the crypto exchange Binance using the Lightning Network, according to an announcement.

Binance has completed integration after stating last month that it had set up Lightning Network nodes.

Depositing bitcoin via Lightning is faster and cheaper than on the main blockchain; the base fee on lightning is $0.04, whereas regular bitcoin deposits spiked to as high as $30 in May, according to ycharts. Transactions also settle in under a minute, with regular bitcoin transactions taking roughly 10 minutes per confirmation.

The Lightning Network, which is often called "Bitcoin's second layer," was designed in 2016 to speed up transaction times and assist with network congestion. The network currently has a capacity of $147 million with 69,395 payment channels, according to 1ml data.

Binance join the likes of Bitfinex and Kraken in offering Lightning Network deposits, with Coinbase (COIN) CEO Brian Armstrong recently suggesting that his exchange will also integrate the scaling solution in future.

Edited by Bradley Keoun.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.