Unlock Your Staked Ether: Binance Enables Withdrawals from April 19th!
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If you’ve been looking to redeem your staked ether (ETH), Binance, the world’s largest cryptocurrency exchange by trading volume has the solution for you.
With the highly anticipated Shapella hard fork now implemented, Binance users who staked ETH through the platform can redeem their coins with their BETH holdings on a 1:1 basis from April 19. This move opens the doors for withdrawals of over 18 million ETH staked in the blockchain since late 2020, and positions Binance as a top contender for convenient and secure crypto trading.
#Binance will support $ETH 2.0 Staking withdrawals starting from April 19, 08:00 UTC.
Due to the processing limitations on the $ETH network, ETH withdrawal requests may take up to 15 days to several weeks to be fully processed.
More details here https://t.co/L3iyon58lo
— Binance (@binance) April 13, 2023
Redemption Process Details
Binance has cautioned users that once they request withdrawals, they cannot be cancelled, and the process may be slow initially, requiring 15 days to several weeks for completion. Users will receive their redeemed ether in their spot wallets, and BETH tokens locked in pending ETH withdrawal requests won’t be eligible for staking rewards.
Users are also advised that there will be a daily redemption quote for each user, considering the processing limitations on the Ethereum network, and it is subject to change. The expected distribution date of redeemed ETH will be shown before users confirm their withdrawal requests. Users can refer to the most updated ETH distribution date at Staking History, according to Binance’s official announcement.
Benefits for Binance Users
Binance’s support for the Ethereum (ETH) network’s Shapella upgrade and the 1:1 redemption for ether staking will benefit its users significantly. The Shapella upgrade is expected to enhance the network’s security and stability, while the 1:1 redemption for ether staking provides users with a convenient way to redeem their rewards. The move is also expected to attract more users to the exchange, particularly those who prefer to stake their ETH.
With the Shapella upgrade and 1:1 redemption for ETH staking, Binance users have a lot to celebrate. Stay updated with the latest information with Coinpedia!
Filed under: Bitcoin - @ April 13, 2023 11:26 am