Discover Binance's latest update allowing ETH 2.0 staking withdrawals, as users can now redeem staked ETH tokens with BETH on a 1:1 basis.
Binance, one of the world’s leading cryptocurrency exchanges, has made an exciting announcement regarding ETH 2.0 staking withdrawals. Starting from today, 19th April 2023 at 08:00 (UTC), participants in the ETH 2.0 staking program on Binance will be able to redeem their ETH with their BETH holdings on a 1:1 basis.
This development has been highly anticipated by Binance users who have had their staked tokens locked since the Shanghai upgrade earlier this month.
Whats in it for ETH customers
However, Binance has warned that users cannot cancel their ETH withdrawal requests after submission, so users must be careful when making their requests. Additionally, it may take anywhere from 15 days to several weeks before users’ ETH withdrawal requests can be fully processed due to the overall amount of ETH withdrawals requested by participants, as well as the Ethereum network’s processing limitations.
The redeemed ETH will be returned to users’ spot wallets when their respective ETH withdrawal requests are fully processed. However, users should note that the BETH tokens locked in pending ETH withdrawal requests will not generate any ETH 2.0 staking rewards.
Furthermore, due to processing limitations on the Ethereum network, Binance has set a daily ETH redemption quota for each user, which is subject to change. Users can refer to the most updated ETH distribution date at Staking History.
Binance has also announced a promotion that allows users to sell their BETH on the spot market and enjoy zero maker fees on the BETH/ETH and BETH/USDT spot trading pairs. This promotion is valid until 10th May 2023 at 12:00 (UTC).
It is important to note that users can continue to participate in ETH 2.0 staking at any time and earn BETH rewards. Binance advises users to refer to their terms of use and the FAQ section on ETH 2.0 staking for more details.
This development is a significant step for Binance users, who can now access their staked ETH tokens and benefit from the rewards they have earned. As more users begin to participate in the ETH 2.0 staking program, Binance’s daily ETH redemption quota may be subject to change to ensure smooth processing of withdrawal requests.
Overall, this announcement from Binance is excellent news for its users, who can now redeem their staked ETH tokens and benefit from the rewards they have earned. With the promotion allowing zero maker fees on BETH/ETH and BETH/USDT trading pairs, this development is sure to attract more users to Binance’s ETH 2.0 staking program.