Binance, the leading cryptocurrency exchange, has announced a significant reduction in the processing time for ETH Staking withdrawal requests. Effective from May 18, 2023, users can expect their ETH Staking withdrawals to be processed in just five days, down from the previous processing time of 15 days. This move comes in response to valuable feedback from the Binance community, aiming to better accommodate users’ needs.
The time required to fully process ETH Staking withdrawal
The time required to fully process ETH Staking withdrawal requests depends on two key factors: the overall amount of ETH withdrawals requested by participants and the state of the Ethereum network. Therefore, the processing time is subject to change due to the dynamic nature of these variables. Binance assures its users that it will actively work towards further reducing the processing time to better align with users’ expectations.
It is essential for users to be aware of certain considerations when initiating ETH Staking withdrawal requests on Binance. Once a withdrawal request is submitted, users cannot cancel it. Therefore, it is crucial to review the request details carefully before confirming the withdrawal.
Users should also note that BETH tokens locked in pending ETH withdrawal requests will not generate any ETH Staking rewards. The expected distribution date of the redeemed ETH will be displayed to users before they confirm their withdrawal requests. For reference, users can check the expected ETH distribution date in the Staking History section.
ETH withdrawal requests
Once the respective ETH withdrawal requests are fully processed, the redeemed ETH will be returned to users’ Spot wallets. It is important to keep in mind that Binance has set a daily ETH redemption quota for each user due to the processing limitations on the Ethereum network. This daily quota may change over time, so users should stay updated with the latest information from Binance
