Binance, a prominent cryptocurrency exchange, has announced that it will be removing trade pairs involving the stablecoin backed by the Indonesian Rupiah (BIDR). This decision will impact trading pairings for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) across various services offered by the exchange.
Binance has provided a detailed plan with a specific deadline for discontinuing BIDR services. Users who fail to take the necessary actions before the deadline will do so at their own risk. The delisting will primarily affect trading pairs on spot margin trading, Binance Convert, Binance Pay, Binance Auto-Invest, Binance Simple Earn, P2P trading, and Gift Card services.
Trading pairs with BIDR base tokens, such as BTC/BIDR, ETH/BIDR, and USDT/BIDR, will be discontinued by May 17, 2024. Users who have placed orders are advised to sell their positions once their trading pairs are delisted.
The USDT/BIDR isolated margin pair for margin traders will be delisted on May 10, 2024. Consequently, margin trading for this pair will cease on that date, and investors must close their positions and withdraw their assets to avoid any potential losses.
Users are strongly encouraged to proceed with the delisting of BIDR trading pairs and discontinue relevant services in order to safeguard their assets. Customers are urged to convert their BIDR assets and utilize Binance Convert to swap BIDR for other cryptocurrencies before the specified deadlines.
Support for BIDR deposits and withdrawals will be available until August 19, 2024. After August 20, 2024, any remaining BIDR in users’ accounts will be automatically converted into FDUSD, a stablecoin pegged to the US dollar, based on real-time exchange rates.
Users with BIDR balances in spot and funding wallets are advised that the converted amount will be in FDUSD from the due date. The conversion process may take up to 24 hours or longer, depending on the circumstances. Once completed, users will receive their FDUSD in their spot wallets.
