Binance, a leading cryptocurrency exchange, declared that trade pairs involving the stablecoin backed by the Indonesian Rupiah (BIDR) will be removed. The move is expected to affect trading pairings for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) across the exchange’s various services.
Binance BIDR delisting details and timeline
The exchange put forward an elaborate plan of action embedded with a deadline for discontinuing BIDR services. Failure to take the measures before the deadline would be at the user’s risk. The delist’s most remarkable features affect these 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. The users whose orders are placed by them are directed to sell out their positions once their trading pairs are delisted.
The USDT/BIDR isolated margin pair of the margin trader will be delisted on May 10, 2024. Therefore, margin trading for this course will finish on that date, and the investors need to unwind their positions and withdraw the assets to ensure they will not lose money.
Action required by users
The exchange highly recommends proceeding with the de-listing of BIDR trading pairs and discontinuing relevant services to customers to enable them to pre-emptively secure their assets. Customers are motivated to convert their BIDR assets and utilize Binance Convert to swap BIDR for other cryptocurrencies before the deadlines.
BIDR support through deposits and withdrawals will be provided until August 19, 2024. After August 20, 2024, all the unnecessary BIDR left in the users’ tail accounts will automatically be converted into FDUSD, a stablecoin pegged to the US dollar, according to the real-time exchange rates.
Those with BIDR balances in the spot and funding wallets are informed that the amount after conversion will be in FDUSD from the due date. The conversion procedure could take 24 hours or longer, depending on the circumstances. Once it’s over, users will receive their FDUSD in spot wallets.
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