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.