Binance Begins Staking Withdrawal for ETH 2.0

Vignesh Karunanidhi
Source: Bitcoinist

Ethereum (ETH) saw a significant rise in value thanks to the Shapella development. There were concerns that ETH’s staking protocol could lead to a surge in withdrawals and a drop in value. But, contrary to those expectations, ETH’s value increased and surpassed the $2,000 mark. However, at press time, ETH has dropped below $2,000 and is trading at $1,985.

Binance, being a key player in the cryptocurrency industry, has made an important announcement regarding the ETH 2.0 staking withdrawal.

Binance enables ETH 2.0 staking withdrawal

According to the details from the announcement: “Binance is pleased to announce that ETH 2.0 Staking participants 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).”

Binance has also mentioned that once an ETH withdrawal request is submitted, users cannot cancel it. The exchange also mentioned that it could take up to 15 days to several weeks to process ETH withdrawal requests.

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The users will also be able to view the expected distribution date for redeemed ETH before they confirm their withdrawal requests. According to the details, the withdrawn ETH will be received in the user’s spot wallets.