© Reuters Binance Users Can Now Participate in ETH 2.0 Staking Withdrawal
- ETH 2.0 staking withdrawal activates on Binance beginning from April 19, 2023, at 8:00 UTC.
- Stakers can redeem ETH using their BETH holding at a ratio of 1:1.
- The withdrawal process can be executed on the ETH 2.0 staking page on the Binance website.
Binance users can now withdraw their staked ETH six days after being announced by the exchange. According to the announcement, ETH 2.0 stakers can redeem ETH using their BETH holding at a ratio of 1:1. They can execute the process on the ETH 2.0 staking page on the Binance website.
According to Binance’s announcement, users cannot reverse an ETH withdrawal request under the staking feature. After submission, the withdrawal process becomes activated and could take 15 days to several weeks before processing. The announcement explained that the time it would take to process a withdrawal request would depend on the amount of ETH withdrawals requested by users and activities on the network.
The announcement stated that users would get information about the estimated distribution date for redeemed ETH before confirming withdrawal requests. Details of the notice will remain in the Staking History section of users’ accounts, and they can always refer to it after completing the process.
According to Binance, it will lock the BETH involved in the withdrawal process throughout the waiting period, and the locked tokens will not generate any rewards. After the waiting period, the ETH staking withdrawal request will become fully processed, and the exchange will send the redeemed ETH to the users’ spot wallet.
There is a limit to the number of withdrawal requests processed on the Ethereum network after the Shanghai Upgrade. As a result, there is a daily redemption quota for each user on the Binance exchange. This quota is not permanent and can change without prior notice.
In the announcement, Binance informed users of an ongoing promotion that would allow users to sell BETH on the Spot Market at zero maker fees on the BETH/ETH and BETH/USD spot trading pairs. This promotion will last until May 10, 2023.
For clarity, Binance noted that, in case of any ambiguity arising from discrepancies between translated versions of the announcement, the English version takes precedence and would be used to decide on the process.
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