- Staking users on Binance may exchange their BETH for ETH at a 1:1 ratio.
- Requests to withdraw staked ETH might take anywhere from 15 days to several weeks.
Staking Ethereum (ETH) withdrawals and BETH redemption have been enabled by Binance, the biggest cryptocurrency exchange in the world. Earlier, the cryptocurrency exchange announced that one week following the Ethereum Shanghai (Shapella) update, customers may withdraw their staked ETH.
#Binance has enabled the withdrawal function for ETH 2.0 staking.
— Binance (@binance) April 19, 2023
Binance, a cryptocurrency exchange, said on Twitter on April 19 that it will begin supporting ETH 2.0 staking withdrawals. Staking users on Binance may exchange their BETH for ETH at a 1:1 ratio on the ETH 2.0 staking section.
A user’s request to withdraw ETH cannot be revoked after it has been submitted. Requests to withdraw staked ETH might take anywhere from 15 days to several weeks to complete due to Ethereum network processing limits. A client may see the anticipated payout date when submitting a withdrawal request.
According to the latest information provided by Binance’s customer service, consumers will get their ETH in a shorter amount of time than was previously anticipated.
ETH Price Takes a Hit
TokenUnlocks reports that, following the Shanghai update, validators have withdrawn almost 1.08 million ETH from the Beacon Chain. Furthermore, there are now around $598k worth of ETHs deposited on the network.
Moreover, there are already $1.87 billion worth of withdrawal requests from 945,82k customers. There are 487.93k validators, but only 27.89k are actively trying to cash out in full.
The biggest Ethereum liquid staking platform, Lido Finance, has also shared the news that it would begin processing withdrawals of staked ETH in May. According to CMC, the Ethereum price today is $1,984.79 USD with a 24-hour trading volume of $12,822,916,104 USD. Ethereum is down 5.37% in the last 24 hours. The crypto market as a whole is trading in red with Bitcoin below the $30k mark.
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