The world's largest cryptocurrency exchange, Binance, made a new announcement regarding Ethereums unlocked after the Shanghai upgrade to Ethereum in April.
Users who wanted to withdraw unlocked ETHs expected a 15-day processing time for ETH withdrawals.
Reducing this transaction time, Binance stated that the ETH withdrawal time will be reduced to 5 days.
Binance made the following statements in its statement:
“Following feedback from the community, Binance ETH Staking will reduce the processing time for withdrawal requests to five days from 2023-05-18 08:00 (UTC).
This is a huge reduction from the initial processing time (i.e. 15 days) required.
Binance will continue to work actively to further reduce the processing time of ETH Staking withdrawal requests to better meet users' needs.
The time required for ETH Staking withdrawal requests to be fully processed is determined by the total amount of ETH withdrawals requested by the participants and the Ethereum network and can therefore vary.
Where applicable, no further announcements will be made about changes in processing time for ETH Staking withdrawals.
Users cannot cancel ETH withdrawal requests after submitting.
BETH tokens locked in pending ETH withdrawal requests will not generate any ETH Staking rewards.
The expected distribution date of cashed ETH will be displayed before users approve withdrawal requests.
The recovered ETH will be returned to users' Spot wallets when the respective ETH withdrawal requests are fully processed.
Due to processing limitations on the Ethereum network, Binance will set a daily ETH usage quota for each Binance user."
*Not investment advice.