Binance, the top cryptocurrency exchange, has announced the removal of a specific pair for Bitcoin (BTC), Ethereum (ETH), & USDT, urging users to act before the deadline.
With its recent declaration that it will no longer support a particular pair of Bitcoin, Ethereum, and USDT on its platform, the leading cryptocurrency exchange, Binance, has sparked debate.
Furthermore, the cryptocurrency exchange has issued many updates about the undertaking while traders await additional information regarding the announcement.
As a result, we examine the potential ramifications of Binance’s announcement by delving into its potential specifics.
Binance Removes This Pair BTC, ETH, & USDT
Binance, one of the foremost cryptocurrency exchanges globally, has introduced an unexpected development: the imminent elimination from its platform of all BIDR (Indonesian Rupiah-backed stablecoin) products and services.
Users are in a Hurry to modify their portfolios before the August 20, 2024, deadline due to the repercussions of this decision, which was detailed in a recent statement.
To better align its product offerings with user requirements, Binance has established a precise date for removing services associated with BIDR.
Users are encouraged to convert their BIDR assets into alternative currencies offered on the platform or utilize Binance Convert to exchange BIDR for other cryptocurrencies before the specified 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.
Significantly, eliminating BIDR impacts spot trading pairs and several essential features and services Binance provides.
The announcement provided insight into the delisting of Spot trading pairs incorporating BIDR on May 17, 2024. These pairs comprise BTC/BIDR, ETH/BIDR, and USDT/BIDR.
It should be noted that open orders in these trading pairings will be closed automatically upon delisting.
What Users Need To Know?
On May 10, 2024, Binance Margin will discontinue support for the USDT/BIDR isolated margin pair.
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.
Concurrently, eliminating BIDR impacts the Binance Gift Card, Binance Convert, Binance Pay, Binance Auto-Invest, Binance Simple Earn, and Binance P2P.
As specified in Binance’s announcement, each feature will delist or eliminate support for BIDR trading pairs on particular dates in May 2024.
Users of Binance are strongly encouraged to adopt proactive measures to minimize any potential disruptions to their trading activities as the deadline approaches.
As required, this entails BIDR asset conversion, open order closure, and fund transfers to prevent loss or inconvenience.
Binance has assured users that Third-Party Wallet Transfer support for BIDR transfers to Tokocrypto will persist until further notice.
Meanwhile, the announcement comes amid the cryptocurrency market experiencing a resurgence.
At the time of writing, Bitcoin was trading at $65,253.19, an increase of 2.31%, while Ethereum rose 1.6% to $3,203.37.
