Binance Enables Withdrawal Option for ETH 2.0 Staking: Details

In a new announcement, crypto exchange Binance says it has enabled the withdrawal function for ETH 2.0 staking.

Thus, ETH 2.0 staking participants will be able to redeem ETH with their BETH holdings on a 1:1 basis on the ETH 2.0 Staking page, starting from April 19 at 8:00 a.m. (UTC).

#Binance has enabled the withdrawal function for ETH 2.0 staking.

For more details on how to redeem $ETH with your $BETH holdings, read our previous announcement below.

— Binance (@binance) April 19, 2023

Binance says that as the ETH staking withdrawal takes effect, initially, it may take 15 days to several weeks before users’ ETH withdrawal requests can be fully processed. The time it takes to process ETH withdrawal requests may be determined by the overall amount of ETH withdrawals requested by participants as well as by the Ethereum network.

The crypto exchange says that the expected distribution date of redeemed ETH will be shown before users confirm their withdrawal requests.

Due to processing limitations on the Ethereum network, Binance says it will set a daily ETH redemption quota for each Binance user, which might be subject to change.

The Shanghai and Capella upgrades, known as Shapella, which enabled unstaking for the first time since ETH staking was introduced in December 2020, went live on April 12.

As reported, over 1 million Ethereum (ETH) have been withdrawn since the historic upgrade occurred.

Ethereum price drops 7%

The second largest cryptocurrency by market capitalization, Ethereum, shed over 7%, and smaller tokens like Solana and Avalanche suffered steeper declines amid a wider retreat of cryptocurrencies.

Ethereum fell below the closely watched $2,000 level as cryptocurrencies, European stocks and U.S. equity futures slipped following stubbornly high U.K. inflation, fanning fears of higher interest rates for a longer period of time.