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

Read full article at Coingape.

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

The post Just-In: Binance To Delay Staked Ethereum Withdrawals After Shanghai Upgrade appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Binance Partners With Cambodian Regulators to Develop a Local Regulatory Framework

Read full article at CryptoPotato.The world’s largest cryptocurrency platform – Binance – struck a deal with the Securities and Exchange Regulator of Cambodia (SERC). The collaboration will aim to impose comprehensive rules on the domestic digital asset sector and support the endeavors of crypto firms. On another note, Binance teamed up with the TikTok celebrity […]

Learn More

AAVE Price Prediction: Surges 20% This Week, Rally Could Extend Above $85

Read full article at newsbtc.AAVE price started a major increase from the $65 support zone. It is up nearly 20% this week and might extend gains above the $85 resistance. AAVE price gained pace after it surpassed the $75 resistance against the US dollar. The price is trading below $85 and the 100-day simple moving […]

Learn More

Wallex Bank: Launching The Next Level Asset and Digital Asset Ecosystem

Read full article at Bitcoin News.Wallex Trust & Custody, a fintech company based in the USA and Europe that offers trust and custody services among its clients across borders notably in Europe, Asia, and Africa, has announced it has received a banking Crypto and Insurance license issued by the Comoros International Banking Authority (CIBA). This […]

Learn More