Binance Announces to Back ETH 2.0 Staking Withdrawals after the Completion of Shanghai Upgrade

The top crypto exchange Binance has recently declared supporting the latest shanghai upgrade of Ethereum. The crypto exchange platform has stated that it will provide support for the withdrawals in staked ETH tokens after the accomplishment of Ethereum’s new upgrade. As a result of this accomplishment, the consumers will be permitted to convert their BETH tokens to ETH tokens. In this procedure, the crypto exchange platform will maintain a 1:1 ratio between the crypto tokens.

Binance Declares Support for ETH 2.0 Staking Withdrawals

In a blog post published on the official website of Binance, the crypto exchange mentioned that the respective support will be provided within just one week following the upgrade’s completion. While commenting on Ethereum’s new upgrades, the crypto exchange noted that Capella and Shanghai are the exclusive upgrades on the network.

In addition to this, it pointed out that the redemptions of the ETH tokens will be offered through its ETH 2.0 Staking page just after the launch of the function for consumers. It showed the community that the respective function will be available on the website just within the days after the upgrade’s launch on the Ethereum network.

According to the exchange, the consumers who have taken part in part in staking the ETH 2.0 tokens will be permitted to withdraw their BETH tokens to the original ETH. Apart from that, the platform asserted that the customers can keep on participating in the staking process for ETH 2.0 without any restriction of time. As a result of this, they will be provided with the rewards in BETH tokens following the onboarding of the Shapella upgrade.

Exchange Will Offer Additional Information after Ethereum’s Shapella Upgrade

The crypto exchange moved on to clarify that it will also provide some additional details regarding the above-mentioned withdrawals in another announcement. The respective declaration will be made after the accomplishment of the Shapella upgrade. Apart from that, Binance reveals that because of the processing restrictions on the platform of Ethereum the crypto exchange will have to set a limit on the regular redemption quota for ETH tokens.

It emphasizes the point that the consumers may have to experience some waiting queue when they try to redeem ETH. However, the time to be taken for processing ETH will depend on the demand for the withdrawals.