Contact

info@th3fus3.com



© 2024 TheFuse. All rights reserved.

Binance Ends BIDR Trading

Major Shift in Crypto Exchange Offerings

May 6, 2024 12:54 PM

Reading time: 1 minute, 18 seconds

TL;DR Binance has announced a significant move by ending all services for the Indonesian Rupiah-backed stablecoin, BIDR, effective August 20, 2024. This decision will affect several trading pairs and services, urging users to convert their BIDR assets before the deadline. The removal marks a strategic pivot in Binance's product offerings, highlighting a focus on optimizing to meet user demands.

Binance announced it will delist its BIDR (Indonesian Rupiah-backed stablecoin) offerings on August 20, 2024, and the BTC/BIDR, ETH/BIDR, and USDT/BIDR pairs on May 17, 2024. It called on users to convert or adjust their assets.

What Users Need To Know?

Binance's strategy to phase out the BIDR services requires your immediate attention. As a valued user, you are urged to convert your BIDR assets using Binance Convert or into alternative currencies on the platform.

After the August 20 deadline, any remaining BIDR balances will automatically be converted to FDUSD, a stablecoin pegged to the US dollar. This automatic conversion is designed to minimize user disruption and loss and ensure a smooth transition from BIDR.

The cessation of BIDR services extends beyond spot trading. On May 10, 2024, Binance Margin will end support for the USDT/BIDR isolated margin pair, and other services like Binance Pay, Binance Auto-Invest, and Binance Simple Earn will follow suit. Users in these services must adjust their plans accordingly, closing open orders and transferring assets to avoid unexpected losses.

"This automatic conversion aims to minimize disruption and loss for users, ensuring a smooth transition away from BIDR."

Throughout this transition, Binance is here to support you. We encourage you to contact our support team and diligently monitor our channels for all the necessary information and assistance.

That includes the option to transfer BIDR to Tokocrypto via Third-Party Wallet Transfer until further notice.

Binance has called on all its users to reassess and realign their crypto assets as soon as possible. This announcement is in line with Binance's shift in strategy.

Share this

Similar news
cryptocurrency

SEC Sets Target on Yet Another Crypto Market Maker

Crypto Market Maker Faces Legal Battle

October 11, 2024 01:00 PM
cryptocurrency

Striple Scores One-Day, 70-Country Stablecoin Payment Success

Stripe had previously discontinued Bitcoin payments due to high fees and slow confirmation times

October 11, 2024 11:59 AM
cryptocurrency

Whales Move 81M XRP Tokens. What's Cooking?

This move and the SEC battle is part of Ripple's ongoing struggles to finally see its day under the sun

October 11, 2024 11:53 AM
All results loaded