Binance, one of the world’s leading cryptocurrency exchanges, has announced that users can now withdraw their staked Ethereum (ETH) after a waiting period of six days. The announcement states that ETH 2.0 stakers can redeem their ETH using their BETH holding at a ratio of 1:1. Users can perform the withdrawal process on the ETH 2.0 staking page on the Binance website. However, Binance has made it clear that users cannot reverse an ETH withdrawal request under the staking feature. Once a withdrawal request is submitted, the process becomes activated and could take 15 days to several weeks before processing.
The time it takes to process a withdrawal request will depend on the amount of ETH withdrawals requested by users and activities on the Ethereum network. Binance has stated that users will receive 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.
Binance has also noted that 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.
It is important to note that 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 addition to the announcement, Binance has informed users of an ongoing promotion that allows 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.
Binance has also made it clear 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.
Overall, this announcement is a significant development for Binance users who have staked their ETH holdings. The ability to withdraw staked ETH is an important feature that allows users to access their funds when needed. However, it is important to note that the waiting period and daily redemption quota may impact the speed at which users can access their funds.
