Binance announced that users who staked ether (ETH) on the exchange would be able to redeem coins using their BETH holdings in a 1:1 ratio.
The news was released just hours after Ethereum launched the eagerly awaited Shanghai upgrade, also known as the Shapella hard fork, which allowed users to withdraw more than 18 million ETH that had been staked in the blockchain since late 2020.
This feature is currently live, where the users who can take part in ETH 2.0 Staking will be able to convert BETH to ETH on a 1:1 basis at the ETH 2.0 Staking website. Please remember that even after the Shapella upgrade, users can still stake Ethereum 2.0 and get BETH payouts. Our terms of service contain further details.
When the Shapella update is finished, more details about ETH staking withdrawals will be released in a subsequent announcement.
The projected distribution date of redeemed ETH will be displayed before users confirm their withdrawal requests, according to Binance's release. The most recent ETH distribution date is available to users via Staking History.
Major conclusions
- Due to limitations on the Ethereum network, Binance will impose a daily ETH redemption quota for each user.
- Please be aware that there may probably be a waiting list to redeem ETH. The Ethereum network and the demand for ETH staking withdrawals at the time of the redemption request determine how quickly withdrawal requests for the cryptocurrency are processed.
- If there is a discrepancy between the English version and the translated version, the English version will prevail.
Benefits of withdrawing your Ethereum from Binance
One of the biggest cryptocurrency exchanges in the world, Binance, has disclosed that starting on April 19, it will start facilitating Ethereum withdrawals. This is excellent news for Ethereum traders like you! But what particular advantages come with withdrawing Ethereum from Binance? Listed below are a few of the key advantages:
- Security: Binance is renowned for its robust security features, which include multi-signature wallets, SSL encryption, and two-factor authentication. Thus, theft and hacking of your Ethereum and other cryptocurrencies are prevented.
- Speed: You may anticipate quicker and more seamless transactions thanks to Binance's new withdrawal assistance for Ethereum. You can trust that your Ethereum withdrawals will be completed promptly because Binance has a reputation for speedy and dependable trading.
- Low fees: Binance has some of the lowest trading fees in the market, so you can withdraw Ethereum for less money. Users that own Binance Coin (BNB), the exchange's native cryptocurrency, also receive reductions in trading fees.
- User-friendly platform: Even novices may utilize Binance's platform with ease. The website is simple to navigate and has a customer care team that is available around the clock to assist you with any inquiries or problems.
Overall, traders looking for a safe, quick, and affordable solution should choose Binance for their Ethereum withdrawals. You can be sure that your transactions will go smoothly and without a hitch thanks to Binance's new withdrawal help for Ethereum. However, if you want to launch your own cryptocurrency exchange similar to Binance, you may also be interested in finding out more about the Binance clone script.
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