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Binance Encourages Users to Convert BIDR to Other Currencies Before August 20, 2024

Binance Encourages Users to Convert BIDR to Other Currencies Before August 20, 2024

2024-05-06 08:00

Fellow Binancians,

As Binance conducts regular reviews of its product offerings to focus on products that best meets the needs of our users, Binance will cease support for all BIDR products and services in accordance with the timeline set out below.

Users are encouraged to trade their BIDR assets into other available assets on Binance, or convert BIDR into crypto on Binance Convert prior to the discontinuation of these BIDR services. 

From 2024-08-20 08:00 (UTC), any remaining BIDR balances in users’ Binance accounts will be automatically converted to FDUSD based on the real-time exchange rate on xe.com. 

Deposits, Withdrawals and Conversions:

  • Binance will support deposits and withdrawals of BIDR until 2024-08-19 23:59 (UTC).

  • After 2024-08-20 08:00 (UTC), Binance will convert any remaining BIDR balances in users’ Spot and Funding wallets into FDUSD on behalf of users.

  • The conversion may take approximately up to 24 hours or longer. FDUSD tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page. 

  • If users hold less than 0.00000001 FDUSD worth of BIDR in their Spot and Funding wallets, they will each receive 0.00000001 FDUSD in their Spot wallets after the conversion.

  • BIDR transfer to Tokocrypto via Binance’s Third-Party Wallet Transfer will be available until further notice.

Spot:

  • Binance will delist all existing BIDR spot trading pairs (i.e., BTC/BIDR, ETH/BIDR and USDT/BIDR) at 2024-05-17 03:00 (UTC).

  • All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.

Margin:

  • Binance Margin will delist the USDT/BIDR isolated margin pair at 2024-05-10 06:00 (UTC). 

    • At 2024-05-07 06:00 (UTC), Binance Margin will suspend isolated margin borrowing on the aforementioned isolated margin pair. 

    • At 2024-05-10 06:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement and cancel all pending orders on the aforementioned isolated margin pair. This pair will then be removed from Margin. 

  • Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-05-10 06:00 (UTC). Binance will not be responsible for any potential losses. 

Convert:

  • Binance Convert will delist all BIDR trading pairs at 2024-05-13 04:00 (UTC).

Pay:

  • Binance Pay will remove BIDR from the list of supported stablecoins at 2024-05-13 03:00 (UTC).

Auto-Invest:

  • Binance Auto-Invest will delist BIDR after 2024-05-11 02:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token will fail.

Earn:

  • Binance Simple Earn will delist BIDR after 2024-05-14 03:00 (UTC). Users may choose to redeem their BIDR Flexible Products positions beforehand. Otherwise, BIDR Flexible Products positions will be automatically redeemed at the above-mentioned time, and subsequently transferred to users’ Spot Wallets. 

P2P:

  • Binance P2P will delist all BIDR trading pairs at 2024-05-16 03:00 (UTC). 

Gift Card:

  • Binance Gift Card will delist BIDR at 2024-05-17 03:00 (UTC). Users are encouraged to manage Gift Cards containing these token(s) in advance to avoid any inconveniences.

References

Note: There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.

Thank you for your support!

Binance Team

2024-05-06

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

Disclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.