Since Binance introduced Binance Wrapped Beacon ETH (WBETH) as rewards (ETH Staking), the use of WBETH has been expanded to include various Binance platform services such as storage, rewards, instant trading, Earn, Loans, Spot, as well as earning staking rewards and additional applications in decentralized finance (DeFi). In order to enhance its services with the Binance Rewards program (Binance ETH Staking), the digital currency trading platform Binance has announced the following updates to BETH and WBETH on the platform.
Binance warns its users
Since the introduction of Binance Wrapped Beacon ETH (WBETH) as rewards (ETH Staking), users have been able to utilize WBETH for various purposes such as trading, collateral for Binance loans, and participation in DeFi projects outside the platform.
However, the Binance wallet will continue to support BETH, allowing users to deposit and hold BETH in their Binance accounts. Users who maintain BETH in their spot wallets will continue to receive daily ETH Staking rewards. Users also have the option to swap BETH for Ethereum or exchange BETH for WBETH, as well as unwrap WBETH to obtain BETH at any time.
It’s worth mentioning that WBETH holders have the same opportunities to receive ETH Staking rewards as BETH holders.
Binance is deleting BETH trading pairs on this date
At 08:00 UTC on October 11, 2023, Binance will delist and suspend trading for several BETH trading pairs. All pending trading orders will be automatically removed after the trading halt for each trading pair. The pairs to be removed are: BETH/ETH, BETH/USDT, and BETH/BUSD.
Furthermore, Binance will also terminate the services of Trading Bots for the aforementioned spot trading pairs on October 11, 2023, at 08:00 UTC. Users are advised to update or cancel their Trading Bot settings before the trading bot services are halted to avoid any potential losses.
However, users will still be able to access and trade the following spot trading pairs: WBETH/ETH and WBETH/USDT.
Binance Simple Earn products
On August 14, 2023, WBETH was added to the list of supported currencies in Binance’s Simple Earn Elastic products. This addition allows Binance borrowers (Flexible Savings) to use their WBETH as collateral in Simple Earn Elastic products. Please note that the actual Annual Percentage Rate (APR) rewards for WBETH will not be provided on Simple Earn Flex products. Instead, users will continue to accumulate ETH Staking rewards through their subscriptions to WBETH Simple Earn Elastic products.
Starting from October 10, 2023, at 08:00 UTC, BETH will no longer be available for subscription in Simple Earn Elastic products. Any ongoing subscriptions will be automatically refunded and added to users’ wallets immediately. Users can choose to redeem these currencies beforehand.
Binance Auto Invest
Starting from September 8, 2023, at 02:00 UTC, subscriptions to the BETH plan for individual currencies and portfolio plans in Binance Auto-Invest will be suspended. Users are encouraged to adjust their plan settings from BETH to WBETH.
Afterwards, the settings for users’ BETH Auto-Invest plans who haven’t removed their BETH plans or modified their settings by September 8, 2023, at 02:00 UTC, will be changed. Their settings will be updated to WBETH to support the transition. Please note that this does not affect users’ current assets or their Ethereum rewards. Users will continue to earn ETH Staking rewards through the accumulation of WBETH value.
On August 14, 2023, WBETH was added as a collateral asset for Binance loans (Flexible Savings). Starting from September 7, 2023, at 08:00 UTC, BETH will no longer be supported as collateral for new Binance loans or VIP high-net-worth individual loan requests. However, BETH will continue to function as collateral for existing loan orders.
On October 9, 2023, at 08:00 UTC, BETH will be completely removed as collateral from Binance loans (Fixed and Flexible rates). All pending loan orders (fixed and flexible rates) will be liquidated automatically using BETH as collateral at that time. Binance advises users to repay any outstanding loans using BETH as collateral before October 9, 2023, at 07:59 UTC to avoid potential losses.
On October 10, 2023, at 00:00 UTC, BETH will be removed as collateral from VIP high-net-worth individual loans. The platform recommends users to ensure that their loan collaterals utilizing BETH are adequately covered with other eligible assets before the removal date.
Binance Liquid Swap
Starting from September 8, 2023, at 08:00 UTC, Liquid Swap will gradually increase the annual interest rate on WBETH liquidity pools and decrease the annual interest rate on BETH liquidity pools. Beginning from October 2, 2023, at 04:00 UTC, users will not be able to add liquidity to the ETH/BETH or BETH/USDT liquidity pools. Starting from October 6, 2023, at 04:00 UTC, users’ deposited tokens in the mentioned liquidity pools will be automatically refunded to their immediate wallets.
On October 6, 2023, users will be encouraged to withdraw their liquidity from BETH liquidity pools and convert it to WBETH to add liquidity to WBETH liquidity pools and to gain higher rewards and interest.
Starting from August 31, 2023, at 09:00 UTC, BETH tokens held in Binance wallets will be gradually burned. Please ensure that this will not impact users’ current holdings of BETH or Ethereum storage positions on Binance or BETH token holdings in users’ self-custody wallets.