Top crypto exchange Binance has made an important announcement as regards ETH Staking withdrawals.
The crypto exchange says that following feedback from the community, it will reduce the processing time for ETH Staking withdrawal requests to five days, starting from May 18 at 8:00 a.m. (UTC). This is a major reduction from the initial processing time required, which is 15 days.
Binance will reduce the processing time for ETH Staking withdrawal requests to five days, effective from 2023-05-18 08:00 (UTC). This is a large decrease from the initial processing time required (i.e., 15 days). https://t.co/GlppuSQlI3— Wu Blockchain (@WuBlockchain) May 11, 2023
To better meet the needs of users, Binance says it will actively work to further cut the processing time for ETH Staking withdrawal requests.
The Ethereum (ETH) network's Shapella upgrade, which enabled staked ETH withdrawals to take place on April 12, marking Ethereum's final transition to proof of stake (POS).
After a successful upgrade, Binance enabled Ethereum staking withdrawals, wherein ETH Staking participants would be able to redeem ETH with their BETH holdings on April 19.
Per the initial announcement, it will take 15 days to several weeks before users' ETH withdrawal requests can be fully processed.
Now, this is set to change as this time has now been reduced to five days. However, Binance maintains that the time required to fully process ETH Staking withdrawal requests would be determined by the overall amount of ETH withdrawals requested by participants and the Ethereum network and is, therefore, subject to change.
Binance, however, noted that there would be no further announcement on changes to the processing time for ETH Staking withdrawals, if required.
In late April, Binance rebranded ETH 2.0 Staking to ETH Staking and introduced Wrapped Beacon ETH (WBETH) on the ETH Staking service. WBETH represents a liquid staking token, where 1 WBETH represents 1 BETH, and the total staking rewards accrued by the BETH token on ETH Staking will allow users to participate in DeFi projects outside Binance.