Binance Discontinues BIDR Services, Removes BTC, ETH, and USDT Trading Pairs

Are you a crypto investor using Binance? If so, you may want to pay attention to the latest announcement from the largest crypto exchange in the world. Binance has decided to discontinue its BIDR services, affecting top cryptocurrencies such as Bitcoin, Ethereum, and USDT.

The exchange has announced the removal of trading pairs involving the Indonesian Rupiah-backed stablecoin BIDR from its platform. This move is aimed at focusing on products that best meet the needs of its users. As of August 20, Binance will cease to support all BIDR products and services on its platform.

Users are advised to trade their available BIDR balances into other assets on the platform or convert BIDR to cryptocurrencies using the Binance Convert tool before the deadline. Binance will continue to support deposits and withdrawals of BIDR until August 19.

All remaining BIDR balances in users’ Spot and Funding wallets will be automatically converted to FDUSD, a stablecoin pegged to the US dollar. This conversion process may take up to 24 hours or more to complete.

In addition to delisting BIDR from spot trading pairs, Binance will also remove BIDR from other features such as Margin, Binance Convert, Binance Pay, Binance Auto Invest, Binance Simple Earn, Binance P2P, and Binance Gift Cards on specific dates in May.

This announcement from Binance comes at a time when the crypto market is showing signs of a slight uptick. With the global crypto market cap gaining 0.59% in the last 24 hours, market participants are closely watching to see the potential impact of this development on the broader crypto landscape.

Stay informed and make sure to adjust your positions accordingly to avoid any disruptions in your trading activities on Binance. The world of crypto is constantly evolving, and being aware of these updates is crucial for your success as a crypto investor.