Just-In: Binance To Delay Staked Ethereum Withdrawals After Shanghai Upgrade

The world’s largest crypto exchange Binance on Friday announces support for the Ethereum Shanghai and Capella (Shapella) upgrade and will process staked Ethereum withdrawals. However, the staked ETH withdrawals from the crypto exchange will be delayed for a week after the Shanghai upgrade on the mainnet scheduled on April 12.

According to an official announcement on March 17, Binance will support the Shapella upgrade and commence the staking withdrawals of ETH from the ETH 2.0 Staking page a week after the upgrade is successful. It means that staked ETH withdrawals will be delayed for a week by Binance.

Also Read: Ethereum Shanghai Upgrade Date Officially Announced

Participants of the ETH 2.0 Staking are eligible to redeem BETH to ETH on a 1:1 basis from the ETH 2.0 Staking page. However, users can choose to continue to stake their ETH and even stake more Ethereum to earn BETH rewards after the Shapella upgrade scheduled on April 12.

Moreover, users will be notified about Ethereum ETH staking withdrawals in a separate announcement after the successful completion of the Shanghai and Capella (Shapella) upgrade. Binance plans to set a daily ETH redemption quota for each user due to withdrawal limitations on the Ethereum network.

The ETH staking withdrawals can take time due to the demand for withdrawals and the Ethereum network capacity at the time of the Shanghai upgrade. Binance revealed that a waiting queue for ETH redemption is expected due to high demand.

Binance Becomes Second After Lido to Announces Ethereum Withdrawals Delay

Lido Finance, the largest Ethereum liquid staking platform, also announced this week that Lido staked ETH (stETH) withdrawals will likely be delayed to May. While Binance is delayed to a week, Lido will commence withdrawal only after the successful completion of all pending audits of Lido V2 codes. Therefore, stETH withdrawals are unlikely to happen on the mainnet until mid-May.

Ethereum price is trading at $1,744, up 5% in the last 24 hours amid the broader recovery in the crypto market. The 24-hour low and high are $1,644 and $1,766, respectively. Meanwhile, Bitcoin price breaks over $27,000 for the first time in almost a year.

Also Read: Crypto Bull Run Incoming? Arthur Hayes Hints $4.4 Trillion QE By Fed

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