Binance opens ETH withdrawal from staking

The exchange also opened trading without fees in pairs BETH/ETH and BETH/USDT

19.04.2023 - 14:45

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What’s new? On April 19, at 08:00 UTC, crypto exchange Binance activated the function of withdrawing funds from the Ethereum staking. Users of the platform can convert BETH (Ethereum on the Beacon Chain) to ETH at a ratio of 1:1. Binance has also launched fee-free trading in BETH/ETH and BETH/USDT pairs until May 10. As of April 19, 14:20 UTC, the Ethereum token is trading at $1992, down by 5,21% overnight. The weekly increase was 5,4%, according to aggregator CoinGecko.

Information on the Binance website

What else is known? Binance warned that users will not be able to cancel ETH withdrawal requests once they are sent. Full processing of requests may take from 15 days to several weeks, more exact terms will be determined based on the total amount requested for withdrawal, as well as a load of the Ethereum blockchain itself. In addition, due to Ethereum’s processing limitations, the exchange has set a daily exchange limit of BETH to ETH for each user.

ETH withdrawals from staking became available after the activation of the Shapella hard fork on April 13. The next day, crypto exchange Kraken requested to unlock and withdraw 551 000 ETH, as it previously pledged to stop providing staking services to US citizens by the securities regulator.

Earlier, Glassnode analysts predicted that Shapella will not lead to increased selling pressure, experts at Bank of America called the upgrade insignificant and predicted increased competition between Ethereum and other blockchains, while Coinbase said that the hard fork supported higher-than-expected price dynamics for the asset, which may continue until the end of April.

According to the Token Unlocks portal at the time of writing, 946 290 ETH worth $1б87 billion is pending withdrawal from staking. In the next 11 hours, 135 370 coins worth $268 million will be unlocked.

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