On Thursday, Binance announced that users who staked ether (ETH) through the exchange could redeem coins with their BETH holdings on a 1:1 basis starting from April 19, 08:00 UTC, hours after Ethereum implemented the highly-anticipated Shapella hard fork or Shanghai upgrade, which opened withdrawals of more than 18 million ETH staked in the blockchain since late 2020.

Binance warned that user requests for withdrawals 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.

Binance added that there would be a daily redemption quote for each user, considering the processing limitations on the Ethereum network, which is subject to change, and the expected distribution date of redeemed ETH would be shown before users confirm their withdrawal requests, which users can refer to at Staking History.