- Binance has enabled the withdrawal function for ETH 2.0 staking, allowing participants to redeem ETH with their BETH holdings on a 1:1 basis starting from April 19 at 8:00 a.m. (UTC).
- Due to processing limitations on the Ethereum network, Binance will set a daily ETH redemption quota for each user.
Binance Enables Withdrawal Option for ETH 2.0 Staking
Binance has announced that it has enabled the withdrawal function for ETH 2.0 staking, allowing participants to redeem their ETH with their BETH holdings on a 1:1 basis 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
The exchange cautions that, initially, it may take 15 days to several weeks before users’ ETH withdrawal requests can be fully processed due to the overall amount of ETH withdrawals requested by participants and the Ethereum network’s processing capacity. Binance will set a daily ETH redemption quota for each user, which might be subject to change due to network limitations.
Expected Distribution Date and Redemption Quota
Binance says that the expected distribution date of redeemed ETH will be displayed to users before they confirm their withdrawal requests. Participants will be required to redeem their ETH through the ETH 2.0 Staking page, and the amount they can withdraw will be limited by their BETH holdings. Furthermore, due to processing limitations on the Ethereum network, Binance will set a daily ETH redemption quota for each user, which might be subject to change.
ETH Price Drops 7% On the day of the announcement, the price of Ethereum dropped by over 7%. The decline was part of a wider retreat of cryptocurrencies, including smaller tokens like Solana and Avalanche.
The dip in price was partly attributed to stubbornly high U.K. inflation, fanning fears of higher interest rates for a longer period of time. However, data suggests that Ethereum might see $100 million in daily ETH withdrawals after the Shapella upgrade, which enabled unstaking for the first time since ETH staking was introduced in December 2020.
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