This is a general announcement. The products and services mentioned may not be available in your region.

Hello Binancian:

Since Binance incorporated Wrapped Beacon ETH (WBETH) into ETH Staking, WBETH has expanded its use cases to include multiple Binance services such as Earn, Lending, and Spot, as well as offering staking rewards and additional applications in DeFi.

To offer better services with ETH Staking on Binance, the following updates will be implemented regarding BETH and WBETH on the Binance platform.

Please note the following:

  • BETH will continue to be used for the distribution of ETH staking rewards. WBETH can be used for trading, as collateral on Binance loans, and to participate in DeFi projects outside of Binance.

  • The Binance wallet will continue to support BETH. Users can still deposit BETH on Binance.

  • Users who hold BETH in their Spot wallets will continue to receive daily rewards for ETH staking. Users can redeem BETH for ETH, wrap BETH for WBETH, or unwrap WBETH to get BETH at any time.

  • WBETH holders are entitled to the same ETH staking rewards as BETH holders. To learn more about WBETH, go here.

Spot

  • Starting October 11, 2023 at 08:00 (UTC), Binance will delist and suspend trading of the following BETH pairs: BETH/ETH, BETH/USDT, and BETH/BUSD. All pending trade orders will be automatically deleted after trading ceases on each pair.

  • Binance will terminate trading bot services for the mentioned pairs effective October 11, 2023 at 08:00 (UTC), as applicable. Users are highly recommended to update or cancel their trading bots before the termination of services to avoid possible losses.

  • Users still have access to the WBETH/ETH and WBETH/USDT Spot pairs.

Simple Earn

  • On August 14, 2023, WBETH was added to the list of supported assets in Binance Simple Earn Flexible products so that Binance Loans (Flexible Rate) users can use their WBETH assets in Simple Earn Flexible products as collateral. Please note that there will be no real-time APR rewards for WBETH on Simple Earn Flexible products. Instead, users will continue to accumulate ETH staking rewards with their subscriptions to BETH Flexible products.

  • Starting October 10, 2023 at 08:00 (UTC), BETH will no longer be supported for subscriptions to Simple Earn Flexible products. Existing subscriptions will be automatically refunded and credited to users' Spot wallets. Users can choose to refund before this date.

Automatic investment

  • Starting September 8, 2023 at 02:00 (UTC), Binance Auto Invest will no longer offer BETH subscriptions for Single Token Plans and Wallet Plans. We recommend users change their plan settings from BETH to WBETH.

  • Thereafter, users who do not delete their plans in BETH or do not modify their plan settings before September 8, 2023 at 02:00 (UTC), the settings of their Automatic Investment plans in BETH will be changed to WBETH under this update. This means that users will not be able to convert their existing assets nor will they be able to exchange their ETH staking rewards. Users will continue to earn ETH staking rewards by accumulating WBETH value.

Loans

  • On August 14, 2023, Binance Loans (Flexible Rate) added WBETH as a collateral asset.

  • Starting September 7, 2023 at 08:00 (UTC), BETH will no longer be available as a collateral asset for new Binance Loan or VIP Loan requests. BETH will continue to serve as collateral for existing loan orders.

  • Starting October 9, 2023 at 08:00 (UTC), BETH will be permanently delisted as a collateral asset on Binance Loans (Flexible Rate and Stable Rate). All outstanding loan orders (Flexible Rate and Stable Rate) using BETH as collateral will be automatically settled on this date. Users are recommended to repay their outstanding loans with BETH as collateral no later than October 9, 2023 at 07:59 (UTC) to avoid potential losses.

  • Starting October 10, 2023 at 00:00 (UTC), BETH will be delisted as collateral for VIP Loans. Users are highly recommended to verify that their loans with BETH as collateral have sufficient collateral in another eligible asset before scheduled delisting.

Liquid Swap

  • From September 8, 2023 at 08:00 (UTC) onwards, Liquid Swap will gradually increase the APR rate in WBETH liquidity pools and decrease the APR rate in BETH liquidity pools. Users will not be able to add liquidity to the ETH/BETH or BETH/USDT liquidity pools starting October 2, 2023 at 04:00 (UTC). Additionally, the ETH/BETH and BETH/USDT liquidity pools will be removed after October 6, 2023 at 04:00 (UTC). Users who have positions in the mentioned pools will automatically receive their assets in Spot wallets after October 6, 2023 at 04:00 (UTC). Users are recommended to withdraw their BETH from liquidity pools and wrap their BETH to obtain WBETH. This way, they will be able to add liquidity to the WBETH pools and receive higher rewards and better utility.

Grades:

  • Starting August 31, 2023 at 09:00 (UTC), BETH tokens in the following Binance wallets will be progressively burned. We guarantee that BETH holdings, existing ETH staking positions on Binance, and BETH holdings in self-custody wallets will not be affected.

    • 0xF977814e90dA44bFA03b6295A0616a897441aceC

    • 0xF68a4b64162906efF0fF6aE34E2bB1Cd42FEf62dย 

  • For more information, see the ETH Staking Terms and Conditions and How to Get WBETH.

Thanks for your support!

The Binance Team

31/8/2023