The leading crypto exchange, Binance has fueled discussions in the crypto market, with its recent announcement of removing a specific pair for Bitcoin, Ethereum, and USDT from its platform. In addition, the crypto exchange has also provided a flurry of updates regarding the project, while the traders are looking for further details of the announcement.

So, here we explore the potential details behind Binance’s announcement and see how it might impact the users.

Binance Removes This Pair For BTC, ETH, & USDT

In a surprising move, Binance, one of the world’s leading crypto exchanges, has announced the impending removal of all BIDR (Indonesian Rupiah-backed stablecoin) products and services from its platform. This decision, outlined in a recent statement, has sent ripples across the crypto community, leaving users scrambling to adjust their portfolios before the August 20, 2024 deadline.

With a focus on optimizing its product offerings to better align with user needs, Binance has set a clear timeline for the discontinuation of BIDR-related services. Notably, the users are strongly encouraged to convert their BIDR assets into alternative currencies available on the platform or utilize Binance Convert to swap BIDR for other cryptocurrencies before the cutoff date. 

Meanwhile, any remaining BIDR balances in users’ accounts after August 20, 2024, will be automatically converted to FDUSD, a stablecoin pegged to the US dollar, based on real-time exchange rates. Notably, the removal of BIDR extends beyond spot trading pairs, affecting several key features and services offered by Binance. 

For context, the announcement showed that the Spot trading pairs involving BIDR, including BTC/BIDR, ETH/BIDR, and USDT/BIDR, will be delisted on May 17, 2024. Users with open orders in these trading pairs should note that they will be automatically closed upon delisting.

Also Read: Tiger Brokers Debut Crypto Trading Platform, Lauds Support For BTC, ETH, & Others

What Users Need To Know?

Binance Margin will cease support for the USDT/BIDR isolated margin pair on May 10, 2024. In addition, margin trading for this pair will also be suspended, and users are advised to close their positions and transfer assets from Margin Wallets to Spot Wallets before the cessation of margin trading to avoid potential losses.

Simultaneously, other features affected by the removal of BIDR include Binance Convert, Binance Pay, Binance Auto-Invest, Binance Simple Earn, Binance P2P, and Binance Gift Card. Each of these features will delist or remove support for BIDR trading pairs on specific dates in May 2024, as outlined in Binance’s announcement.

As the deadline approaches, Binance users are urged to take proactive measures to mitigate any potential disruptions to their trading activities. This includes converting BIDR assets, closing open orders, and transferring funds as necessary to avoid inconvenience or loss. Binance has assured users that support for BIDR transfer to Tokocrypto via Third-Party Wallet Transfer will remain available until further notice.

Meanwhile, the announcement comes amid a time when the crypto market is witnessing a recovery. As of writing, the Bitcoin price was up 2.31% and traded at $65,253.19, while the Ethereum price rose 1.67% to $3,203.37.

Also Read: XRP Whale Moves 28M Coins Ahead SEC’s Reply Brief Deadline

The post Binance To Remove This BTC, ETH, & USDT Pair, Here’s All appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am