Binance Frees 18 Million ETH Staked: Cash In Your BETH Now

Binance announced on Thursday that starting April 19, 8 UTC, users who staked Ethereum (CRYPTO: ETH) through the platform can redeem coins with their BETH holdings at a 1:1 ratio.

The announcement followed Ethereum's implementation of the eagerly awaited Shapella hard fork, also known as the Shanghai upgrade, which allowed the withdrawal of more than 18 million ETH staked in the blockchain since late 2020.

Binance noted that once users submit withdrawal requests, they cannot be canceled and the initial processing may take anywhere from 15 days to several weeks.

Also Read: Bitcoin Skyrockets To $30,000: Experts Predict A Crypto Revolution On The Horizon

Redeemed Ethereum will be sent to users' spot wallets, and BETH tokens locked in pending Ethereum withdrawal requests will not be eligible for staking rewards.

BETH is a wrapped token issued by Binance that is pegged 1:1 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 stated in an official announcement.

The exchange also mentioned that each user would have a daily redemption quota, taking into account processing limitations on the Ethereum network, and this quota is subject to change.

Read Next: Blockchain Gaming Investments Surge, Reaching $739M In Q1 2023: Polygon Emerges As Major Player

Photo: Shutterstock