Ethereum (ETH) recently experienced a significant increase in value, largely due to the Shapella development. Despite concerns that ETH’s staking protocol might cause a spike in withdrawals and a subsequent decline in value, the cryptocurrency’s value surged past the $2,000 mark. However, ETH’s value has since dipped below $2,000 and is currently trading at $1,985.
Binance recently announced that it had enabled its withdrawal function for ETH 2.0 staking.
Binance unveils support for ETH 2.0 staking withdrawals
As a major player in the cryptocurrency industry, Binance has announced important news regarding ETH 2.0 staking withdrawals. The exchange stated in its 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 also noted that once users submit an ETH withdrawal request, they cannot cancel it. The processing time for ETH withdrawal requests may also range from 15 days to several weeks.
Before confirming their withdrawal requests, users can view the expected distribution date for redeemed ETH. According to the announcement, withdrawn ETH will be deposited into the user’s spot wallets.