Binance Opens Ethereum Staking Withdrawals. But There Are Rules

JAKARTA - The leading crypto exchange, Binance, announced its plans to allow a staked Ether (ETH) withdrawal through its exchange platform. The announcement came after the successful completion of the Shanghai upgrade that the Ethereum network was eagerly awaiting on Thursday.

According to the announcement, withdrawals will begin on April 19 and stakeholders will be allowed to exchange their coins forBETH in a 1:1 ratio.

This Shanghai upgrade is undoubtedly very important and has officially paved the way for Ether's worldwide withdrawal. Remember that more than 18 million ETH have been staked on the blockchain since the end of 2020.

Interestingly, at least 285 withdrawals have been processed in the first 30 minutes after the upgrade, based on data from customscha.in. In total, the recall involved nearly 5,413 ETH, worth about 10 million US dollars (Rp147 billion).

In addition, withdrawals for more than 783,000 ETH (worth about 150 billion US dollars or equivalent to Rp2.2 quadrillion) have also begun and are currently pending.

Binance Releases ETH Withdrawal Rules

Binance said there was hope that the recall would initially be slow. However, it was considered with the limitations of the Ethereum network itself. Therefore, based on its projections, Binance expects that the withdrawal request may take up to 15 days or weeks to complete.

Binance also confirmed that they will continue to update the distribution date of ETH. So, they expect users to have confirmed the most recent distribution date before submitting their withdrawal request.

"The distribution date for the redeemed ETH will be displayed before the user confirms their withdrawal request. Users can refer to the most recent ETH distribution date in Determination History," Binance announced as quoted by CoinSpeaker.

It should be reminded that withdrawal requests cannot be canceled upon submission, in accordance with Binance's announcement. Binance also confirmed that Joseph's locked token in a delayed ETH withdrawal request would not enjoy a bet prize. However, once processed and completed, users will find ether redeemed in their respective spot wallets.