Binance Warns That Post-Shapella ETH Withdrawal Requests May Take 15 Days

In a general announcement by Binance on Thursday, April 13th, the company revealed that Ethereum unstaking requests might take around 15 days to process. Binance stated that this is due to the processing limitations of the Ethereum network forcing the exchange to implement a daily ETH redemption quota. The announcement comes a day after the blockchain successfully completed the long-awaited “Shapella” upgrade.

ETH Unstaking Might Take 15 Days On Binance

In a Thursday announcement, Binance, the world’s largest cryptocurrency exchange by trading volume, revealed that its users will be able to unstake their Ethereum starting from April 19th. In the same post, the company stated that withdrawal requests may take up to 15 to complete.

Binance also warned that once users enter the withdrawal request, their ETH will generate no further staking rewards. The exchange explained the likely initial delay as a result of processing limitations on the Ethereum chain. Considering that the ETH unstaking is a relative novelty introduced with the “Shapella” upgrade on April 12th, the delay can also be explained by the fact the initial withdrawal requests are likely to be numerous.

First-day data indicates that there are already around 20,000 full redemption requests and nearly 300,000 partial withdrawal requests. The bulk of the requests pertains to the cryptocurrency exchange Kraken as it had recently made a $30 million settlement with the SEC which forced the company to scrap its staking service altogether.

Ethereum Hovers Around $2,000 After The Succesful Upgrade

Ethereum completed its long-awaited “Shapella” upgrade on Wednesday, April 12th. The hard fork is the combination of two simultaneously executed upgrades—Shanghai on the consensus layer. and Capella on the execution layer. For the first time ever, ‘Shapella” enabled validators to withdraw their staked Ethereum.

In the months and weeks leading up to the upgrade, many feared that the development would cause significant selling pressure and have an adverse effect on the cryptocurrency. Days before it went live, however, Glassnode predicted there wouldn’t be a mass selloff as much of the staked ETH carries significant unrealized losses.

While Ethereum has been on a slow and steady rise since the start of 2023, “Shapella” finally pushed its price above $2,000 by April 13th. Shanghai and Capella are the most significant ETH upgrade since the much-anticipated “Merge” which helped reduce its energy consumption with the transition from the proof-of-work model to proof-of-stake.

This article originally appeared on The Tokenist