CoinDesk Analysis Team
CoinDesk
Binance announced Thursday that users who staked ether (ETH) through the exchange will be able to redeem coins with their BETH holdings on a 1:1 basis starting from April 19, 08:00 coordinated universal time (UTC).
The announcement came hours after Ethereum implemented the highly-anticipated Shapella hard fork, also known as Shanghai upgrade, opening withdrawals of more than 18 million ETH staked in the blockchain since late 2020.
Binance said that user requests for withdrawals, once submitted, cannot be canceled and the process may be slow initially, requiring 15 days to several weeks for completion. Users will receive redeemed ether in their spot wallets and pending BETH tokens locked in pending ETH withdrawal requests won't be eligible for staking rewards. BETH is a wrapped token issued by Binance which is 1:1 pegged to ETH on the Ethereum blockchain.
"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," Binance said in an official announcement.
The exchange added that there would be a daily redemption quote for each user, considering the processing limitations on the Ethereum network and it is subject to change.
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