Binance Announces Removal of BIDR Support Across Multiple Services

Binance, a prominent cryptocurrency exchange, has announced the removal of trading pairs involving the Indonesian Rupiah-backed stablecoin (BIDR). This decision will impact trading pairs for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) across various services offered by the exchange.

Binance Announces Discontinuation Plan for BIDR Services: Deadline and Action Required

Binance has outlined a comprehensive plan for discontinuing BIDR services, including a deadline for users to take necessary actions. Failure to adhere to the outlined measures before the deadline will be at the user's own risk. Notably, the delisting will 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 involving BIDR base tokens, such as BTC/BIDR, ETH/BIDR, and USDT/BIDR, will be discontinued by May 17, 2024. Users with active orders in these pairs are advised to sell their positions before the delisting.

For margin traders, the USDT/BIDR isolated margin pair will be delisted on May 10, 2024. Margin trading for this pair will cease on that date, and investors are encouraged to close their positions and withdraw their assets promptly to avoid potential losses.

Binance's Guidance on BIDR Delisting: Conversion Process and Asset Protection

Binance urges users to proactively manage the delisting of BIDR trading pairs and discontinue relevant services to safeguard their assets. Customers are advised to convert their BIDR assets using Binance Convert to swap them 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 automatically be converted into FDUSD, a stablecoin pegged to the US dollar, based on real-time exchange rates.

Users holding BIDR balances in spot and funding wallets will see their balances converted to FDUSD on the designated date. The conversion process may take up to 24 hours or longer, depending on various factors. Upon completion, users will receive their FDUSD in their spot wallets.