Binance Makes Important Announcement Concerning BTC, ETH, and USDT
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
