Crypto exchange Binance has completed the integration of the Bitcoin Lightning Network on its platform, a response to a surge in transaction fees in May that caused a backlog of pending transactions. Meanwhile, the crypto exchange has reportedly laid off 1,000 staff, and the trading volume of XRP (XRP) on the South Korean crypto exchange Upbit recently surpassed that of Bitcoin (BTC). XRP’s momentum could extend into cross-border payments once again after a United States federal judge ruled in favor of Ripple Labs in its ongoing legal battle with the Securities and Exchange Commission (SEC).
Ripple Labs exec says court ruling could boost XRP adoption
With Ripple Labs scoring a partial victory in its legal battle with the SEC, the XRP token could be poised for wider adoption in cross-border transactions, according to Stu Alderoty, Ripple Labs’ chief legal officer.
“I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation about what problems they are experiencing in their business, real-world problems in terms of moving value across borders without incurring obscene fees,” Alderoty said, according to CNBC.
#NEW: Chairmen @PatrickMcHenry and @CongressmanGT issue a statement regarding the court ruling in SEC v. Ripple and the need for legislative clarity in the digital asset ecosystem to prevent further uncertainty in our financial markets.
Read more https://t.co/y1nITVmHvh pic.twitter.com/tn0dn0BDHd
— Financial Services GOP (@FinancialCmte) July 14, 2023
Alderoty said the third quarter would be especially pivotal in driving conversations with customers about XRP’s utility, which could generate meaningful business for the company.
Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled partially in favor of Ripple Labs on July 13 by determining that XRP was not necessarily a security. The favorable judgment prompted several U.S. crypto exchanges to relist XRP.
National Australia Bank joins crypto exchange boycott, cites ‘scams’
Another major bank in Australia has said it will block certain cryptocurrency platforms, citing high levels of scam risk in the industry.
On July 17, National Australia Bank (NAB) announced a set of new measures to protect customers from fraud as part of its “bank-wide scam strategy.”
Alongside halting millions in payments between March and July 2023, NAB will also introduce blocks on “some cryptocurrency platforms” to help protect customers from scams.
NAB did not specify the names of the cryptocurrency exchanges expected to face blocks from the bank. NAB’s executive for group investigations and fraud Chris Sheehan only mentioned that the new blocks will affect “high-risk” platforms where “scams are more prevalent.”
Sheehan stated:
“These scammers are part of organized, transnational crime groups. Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas.”
According to local reports, Sheehan hinted that NAB’s crypto blocks could affect the Binance crypto exchange. “Our approach is going to be consistent with the rest of the industry,” the executive reportedly said. Over the past few months, other large Australian banks, including Westpac and Commonwealth Bank of Australia, have also reportedly blocked payments to Binance.
NAB and Binance didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.
Binance completes integration of Bitcoin Lightning Network
Cryptocurrency exchange Binance has finally completed the integration of the Bitcoin Lightning Network, allowing users to use it for BTC withdrawals and deposits.
When users now choose to withdraw or deposit Bitcoin, they will be able to select “LIGHTNING” as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit) and Ethereum (ERC-20).
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance first hinted at the integration of the Lightning Network in May after it had to temporarily pause BTC withdrawals due to a flood of pending transactions caused by “the recent surge in BTC network gas fees.”
The explosion in transaction fees has largely been attributed to the creation of memecoins on Bitcoin in the form of BRC-20 tokens — a new token standard on the network.
Binance joins Bitfinex, River Financial, OKX, Kraken and CoinCorner as the other prominent exchanges to have embraced the Lightning Network.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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- Source: https://cointelegraph.com/news/what-happened-in-crypto-today
