TechFlow news — During the AMA on May 31, Binance CEO CZ stated that the Lightning Network cannot pre-generate addresses, and implementing it would require Binance to adopt significantly different security measures. Although the team is very familiar with the Lightning Network, numerous security considerations must be addressed behind the scenes, so various solutions are currently under research. Binance may initially enable small-scale Lightning Network transactions before gradually expanding adoption—a beneficial innovation for the future, particularly for Binance Pay and other wallet services.
Regarding the question "How did Binance get involved in mining?", CZ clarified that Binance does not engage in any mining activities, making it one of the few areas within the industry that Binance has not entered—and does not plan to enter. Mining represents a fundamentally different type of business involving hardware and other distinct considerations, which fall outside Binance's core expertise. While Binance operates one of the largest mining pools, this is vastly different from running physical mining farms. The goal is to build a low-fee-first model that helps miners cover operational costs using Binance’s liquidity and offers integrated services, without directly participating in mining itself. CZ emphasized that while mining is important and widely misunderstood in the market, it is not Binance’s area of specialization.
Finally, CZ noted that Dubai has already become a crypto hub, with Binance now employing over 700 staff members in Dubai alone.
