In an effort to enhance its product offerings and better meet the needs of its users, Binance has announced the discontinuation of all BIDR-related products and services, effective August 20, 2024.
Users are encouraged to take proactive steps by converting their BIDR assets to alternative available assets on Binance or by using Binance Convert to switch their BIDR to cryptocurrencies before the specified deadline. Any remaining BIDR balances in users’ Binance accounts as of 11:00 AM on August 20, 2024, will be automatically converted to FDUSD based on real-time exchange rates provided by xe.com.
It is important to note that Binance will support BIDR deposits and withdrawals until August 19, 2024, at 02:59. After 11:00 AM on August 20, 2024, any remaining BIDR balances in users’ Spot and Funding wallets will be converted to FDUSD by Binance. The conversion process may take up to 24 hours or longer, with FDUSD tokens being transferred to users’ Spot wallets upon completion.
Furthermore, Binance will be delisting all existing BIDR spot trading pairs, such as BTC/BIDR, ETH/BIDR, and USDT/BIDR, at 06:00 on May 17, 2024. Open spot orders for these trading pairs will be automatically closed upon the delisting. Additionally, the USDT/BIDR isolated margin pair will be removed from Binance Margin at 09:00 on May 10, 2024, with isolated margin borrowing for the pair being suspended at 09:00 on May 7, 2024. Binance Margin will close users’ positions, conduct automatic settlement, and cancel all pending orders for the USDT/BIDR isolated margin pair at 09:00 on May 10, 2024, before its removal from the margin.
It is essential to keep in mind that this is not investment advice. Users are urged to convert their BIDR assets to alternative assets or cryptocurrencies before the deadline to avoid any disruptions in their accounts.
