Binance Makes Important Announcement Concerning BTC, ETH, and USDT: Details

Binance, the largest crypto exchange by trade volume has made an announcement affecting some of the top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and USDT. The top crypto exchange has stirred up conversation within the crypto space with the latest development, removing a specific trading pair for the aforementioned tokens from its platform.

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

In a move to focus on products that best meet the needs of our users, the Binance crypto exchange has announced the removal of some trading pairs involving Indonesian Rupiah-backed stablecoin BIDR from its platform. According to an announcement on its official website dated May 6, Binance will cease to support all BIDR products and services on August 20.

As a result, Binanancians (users of Binance) are urged to trade their available BIDR balances into other available assets on the platform or, convert BIDR to cryptocurrencies by utilizing the Binance Convert tool before the deadline. Per the statement, Binance will continue to support deposits and withdrawals of BIDR until August 19.

From August 20, all remaining BIDR balances in users’ Spot and Funding wallets will be automatically converted to FDUSD (First Digital USD), a stablecoin pegged to the United States dollar and issued by a subsidiary of Hong Kong-headquartered financial firm, First Digital Limited. What is more, Binance informs that the conversion may take up to 24 hours or more to complete, and all FDUSD tokens will be sent to users’ spot wallet.

Importantly, Binance noted that all spot trading pairs including BTC/BIDR, ETH/BIDR, and USDT/BIDR will be delisted on May 17 at 03:00 (UTC), adding that all open spot orders involving the mentioned pairs will be automatically closed at that time.

BIDR to be Delisted From Other Binance Features

Meanwhile, other Binance features including Margin will delist BIDR. According to the announcement, Binance Margin will remove the USDT/BIDR isolated margin pair on May 10 at 06:00 (UTC). Additionally, isolated margin borrowing on the mentioned pair will be suspended on May 7 at 06:00 (UTC). Other features like Binance Convert and Binance Pay will delist all BIDR trading pairs on May 13 at 04:00 (UTC) and 03:00 (UTC) respectively.

Binance Auto Invest, Binance Simple Earn, Binance P2P, and Binance Gift Cards will delist BIDR on May 11, May 14, May 16, and May 17 respectively. Therefore, users will not be able to adjust their positions at the time of delisting and are advised to close their positions before the cessation.

Binance makes this announcement at a time when the crypto market is undergoing a slight uptick. According to data from CoinMarketCap, the global crypto market cap has gained 0.59% in the last 24 hours, rising to $2.36 trillion. Market participants continue to watch closely to see the potential impact of this development on the broader crypto landscape.