Global cryptocurrency exchange Binance announced it will support $ETH 2.0 staking withdrawals starting from April 19, 08:00 UTC.
According to the statement, “users will be able to redeem ETH with their BETH holdings on a 1:1 basis at the ETH 2.0 Staking page, starting from 2023-04-19 08:00 (UTC).”
Users’ ETH withdrawal requests may initially take 15 days to multiple weeks to be fully processed and they cannot change their withdrawal requests after submission.
The total volume of ETH withdrawals requested by users and the Ethereum network both influence how quickly withdrawal requests are processed.
Before Binancians confirm their withdrawal requests, they will be shown the distribution date of redeemed ETH with the most updated ETH distribution date available to users via the Staking History tab.
When each user’s ETH withdrawal request has been completed, the redeemed ETH will be transferred back to their Spot wallets. There will be no ETH 2.0 Staking rewards for the BETH tokens locked in pending ETH withdrawal requests.
Owing to the Ethereum network’s processing constraints, Binance will set a daily ETH redemption limit for each user.
The announcement from Binance came out as soon as Ethereum Shanghai Upgrade went live. The Ethereum Shpella Upgrade unlocked around $34.5 Billion in staked ETH.
