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Withdrawals will go live on April 19 and stakers will be allowed to redeem their coins.
Binance has revealed its plans to allow the withdrawal of staked Ether (ETH) through its exchange platform. The exchange made the announcement following the successful completion of Ethereum’s highly-anticipated Shanghai upgrade on Thursday.
According to the announcement, withdrawals will go live on April 19 and stakers will be allowed to redeem coins with their BETH holdings on a 1:1 basis.
The Shanghai upgrade was, without a doubt, of great importance and has officially paved the way for staked Ether withdrawals across the board. Recall that over 18 million ETH have been staked on the blockchain since late 2020.
Interestingly, at least 285 withdrawals were processed in the first 30 minutes after the upgrade, per beaconcha.in data. In total, the withdrawals involved nearly 5,413 ETH, worth approximately $10 million.
Furthermore, withdrawals for over 783,000 ETH (worth about $150 billion) have also been initiated and are currently pending.
Binance Issues ETH Withdrawal Rules
Binance says there is an expectation that withdrawals will be initially slow. However, that is considering the limitations of the Ethereum network itself. So, by its projections, Binance expects that withdrawal requests may take up to 15 days or several weeks long to be completed.
Binance also confirms that it will do its part by constantly updating the ETH distribution date. So, it expects that users must have confirmed the most updated distribution date before putting in their withdrawal requests. Part of the official announcement reads:
“The expected distribution date of redeemed ETH will be shown before users confirm their withdrawal requests. Users can refer to the most updated ETH distribution date at Staking History.”
It might be worth mentioning that withdrawal requests cannot be cancelled once submitted, per the Binance announcement. It also confirms that BETH tokens locked in pending ETH withdrawal requests will not enjoy any staking rewards. However, once processed and completed, users will find their redeemed ether in their various spot wallets.