Binance, the largest cryptocurrency exchange, has caused a stir by announcing that it will remove a specific pair for Bitcoin, Ethereum, and USDT from its site. The cryptocurrency exchange has also released a flurry of updates about the project, but traders are still searching for more information about the announcement.
So, here we analyze the potential details behind Binance’s announcement and see how it can influence consumers.
Binance Removes This Pair For BTC, ETH, & USDT
hrough the crypto community. In a recent statement, Binance declared that all BIDR (Indonesian Rupiah-backed stablecoin) transactions will cease. This unexpected move has prompted users to swiftly adjust their portfolios before the looming August 20, 2024, deadline. Consequently, individuals are rushing to make necessary changes, anticipating the impact on their investments.
Binance has established a precise timeframe for terminating BIDR-related services, emphasizing streamlining its product offerings to better suit user needs. Notably, before the deadline, users are strongly urged to exchange their BIDR assets for other cryptocurrencies on the site or to convert their BIDR assets into other currencies using Binance Convert.
After August 20, 2024, any remaining BIDR balances in users’ accounts will be automatically converted to FDUSD. The transition will happen smoothly due to current exchange rates. The loss of BIDR affects essential functions beyond spot trading.
What Information Users Should Know?
On May 10, 2024, the Binance Margin will stop supporting the USDT/BIDR isolated margin pair.
Binance Convert, Binance Pay, Binance Auto-Invest, Binance Simple Earn, Binance P2P, and Binance Gift Card are all experiencing simultaneous impacts. According to Binance’s announcement, these functionalities will gradually phase out BIDR trading pairs throughout May 2024.
To prevent loss or inconvenience, this entails converting BIDR assets, terminating open orders, and transferring money as needed. Users can rest assured that Binance will continue to support BIDR transfers to Tokocrypto through Third-Party Wallet Transfers until further notice.
Meanwhile, the statement comes amid a period when the crypto market is enjoying a resurgence. As of writing, the Bitcoin price was up 2.31% and traded at $65,253.19, while the Ethereum price gained 1.67% to $3,203.37.
