Binance, a leading cryptocurrency exchange, has announced the delisting of trade pairs involving the stablecoin backed by the Indonesian Rupiah (BIDR). This change will impact trading pairs for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) across various services offered by the exchange.
The exchange has outlined a detailed action plan with specific deadlines for the discontinuation of BIDR services. Not adhering to these guidelines could pose risks for users. The delisting will affect spot margin trading, Binance Convert, Binance Pay, Binance Auto-Invest, Binance Simple Earn, P2P trading, and Gift Card services.
Key dates include the discontinuation of trading pairs like BTC/BIDR, ETH/BIDR, and USDT/BIDR by May 17, 2024. Furthermore, the USDT/BIDR isolated margin pair will be delisted on May 10, 2024. Users are advised to sell out their positions by these dates to avoid financial losses.
Users are urged to take proactive steps to secure their assets due to the delisting. Binance recommends using Binance Convert to exchange BIDR for other cryptocurrencies before the deadlines. Support for BIDR deposits and withdrawals will continue 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.
The conversion process might take up to 24 hours or more, depending on the circumstances. Following the conversion, users will find their FDUSD in their spot wallets. This strategic adjustment by Binance marks a significant shift in its service offerings, reflecting ongoing changes in the global cryptocurrency landscape.