Binance Reduces ETH Staking Withdrawal Processing Time
Binance, one of the world’s largest cryptocurrency exchanges, has announced a reduction in the processing time for ETH Staking withdrawal requests. The new processing time, effective from May 18th, will now be five days, down from the previous processing time of 15 days. The exchange has noted that it will actively work towards further reducing the processing time for ETH Staking withdrawal requests in the future.
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
ETH Staking Withdrawal Requests
The processing time required for ETH Staking withdrawal requests is determined by the overall amount of ETH withdrawals requested by participants and the Ethereum network, and is therefore subject to change. There will be no further announcement regarding changes to the processing time for ETH Staking withdrawals, where applicable. Additionally, users will not be able to cancel their ETH withdrawal requests after submission.
Binance has also clarified that BETH tokens locked in pending ETH withdrawal requests will not generate any ETH Staking rewards, and the expected distribution date of redeemed ETH will be shown to users before they confirm their withdrawal requests. The redeemed ETH will be returned to users’ Spot wallets once their respective ETH withdrawal requests are fully processed.
Daily ETH Redemption Quota
Due to processing limitations on the Ethereum network, Binance will set a daily ETH redemption quota for each user, which will be subject to change. Binance’s decision to reduce the processing time for ETH Staking withdrawal requests is in response to feedback from its community. The exchange has stated that it values user feedback and will continue to work towards better accommodating users’ needs.