Binance announced that users who have staked ETH on the exchange can now withdraw their holdings after a six-day waiting period. The withdrawal process can be executed on the ETH 2.0 staking page on the Binance website, and ETH 2.0 stakes can redeem their ETH at a 1:1 ratio using their BETH holdings.
Once a withdrawal request has been submitted, it cannot be reversed, and the process may take up to several weeks, depending on the amount of ETH withdrawals requested by users and activities on the Ethereum network. Users will receive information about the estimated distribution date for their redeemed ETH before confirming their withdrawal requests, and this information will be available in the Staking History section of their accounts.
Binance will lock the BETH involved in the withdrawal process throughout the waiting period, and the locked tokens will not generate any rewards. The exchange sends the redeemed ETH to the user’s spot wallet after the waiting period. However, there is a daily redemption quota for each user on the Binance exchange, which is subject to change without notice.
Binance also announced a promotion that allowed users to sell BETH on the Spot Market at zero maker fees on the BETH/ETH and BETH/USD spot trading pairs until May 10, 2023.