Binance announced early Thursday that the crypto exchange would begin honouring Ethereum (ETH) withdrawals starting April 19th at 8:00 UTC. The Binance team added that staking participants could redeem their ETH with their BETH holdings on a one-to-one basis.
The exchange further explained that withdrawal requests could not be cancelled once initiated. In addition, the redemption process might initially take fifteen days to several weeks to process due to the long queue on the Ethereum network for unstaking staked ETH.
The Binance team added:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.Due to the processing limitations on the Ethereum network, Binance will set a daily ETH redemption quota for each Binance user. The daily ETH redemption quota is subject to change.
Users can continue to participate in ETH 2.0 Staking at any time and earn BETH rewards.