Binance has announced that users participating in ETH 2.0 Staking will soon be able to get their BETH assets back in exchange for ETH at a ratio of 1:1. Here are the details…
Ethereum stakers will be able to withdraw from Binance
Binance announced on Thursday that users who stake Ethereum (ETH) via the exchange will be able to use coins with their BETH holdings in a 1:1 ratio starting April 19 at 11:00 am Turkey time. The buyback will be possible on the ETH 2.0 Staking page as of that date. While the refund process is a welcome move for Binance users, the exchange warned that users cannot cancel ETH withdrawal requests once they have been submitted. BETH is a token issued by Binance and pegged 1:1 to ETH on the Ethereum Blockchain.
Additionally, due to the total amount of ETH withdrawals requested by participants and transaction limitations of the Ethereum network, users’ ETH withdrawal requests can take from 15 days to several weeks to be fully processed. Binance has set a daily ETH redemption quota for each user due to transaction limitations on the Ethereum network, and the daily quota is subject to change. The expected distribution date of ETH staked will be displayed before users approve withdrawal requests, and users will be able to view the most recent ETH distribution date in the “Staking History” tab.
It is important to note that BETH tokens locked in pending ETH withdrawal requests will not generate any ETH 2.0 Staking rewards. Binance also offers a promotion that allows users to sell BETH on the spot market and take advantage of zero maker fees on BETH/ETH and BETH/USDT spot trading pairs. The promotion will run until May 10, 2023.
Binance announcement came after Shapella update
Binance’s announcement came as ETH 2.0 Staking continues to gain popularity among cryptocurrency users. ETH 2.0 is the next generation Ethereum focused on improving scalability, security and sustainability. Staking involves holding a certain amount of ETH on the Ethereum network as a validator and allows users to earn rewards for helping secure the network. Users can continue to participate in ETH 2.0 Staking at any time and earn BETH rewards.
Also, the announcement cryptocoin.com As we reported, it came hours after Ethereum implemented the highly anticipated Shapella hard fork, also known as the Shanghai upgrade. The exchange has initiated withdrawals of more than 18 million ETH deposited on Blockchain since late 2020. The exchange added that there will be a daily redemption offer for each user, and this is subject to change, taking into account transaction limitations on the Ethereum network. At the time of writing, ETH is changing hands at $1,980, up 5.8 percent.
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