Binance To Cease Support For BIDR Products And Services, Advises Users To Convert Funds Before August 20
In Brief
Binance will discontinue support for BinanceIDR (BIDR) products and services, advising users to exchange or convert their BIDR assets.
Cryptocurrency exchange Binance announced that it will discontinue support for all BinanceIDR (BIDR) products and services. Users are advised to exchange their BIDR assets for other options available on Binance or convert them to different cryptocurrencies through Binance Convert prior to the termination of the BIDR service.
Commencing at 08:00 UTC on August 20th, any remaining BIDR balance in the user’s account on the Binance account will undergo automatic conversion into FDUSD, determined by the current exchange rate from xe.com.
The exchange will delist all existing BIDR spot trading pairs, encompassing BTC-BIDR, ETH-BIDR, and USDT-BIDR, effective from 03:00 UTC on May 17th.
Additionally, Binance Margin will delist the USDT-BIDR isolated margin trading pair at 06:00 UTC on May 10th, while Binance Futures will delist BIDR trading pairs at 02:00 UTC on May 13th. Furthermore, BIDR trading pairs will be delisted from Binance Pay and Binance Simple Earn at 03:00 UTC on May 13th and 03:00 UTC on May 14th, accordingly.
According to Binance, the exchange regularly evaluates its range of products to ensure alignment with users’ needs and preferences.
Indonesia’s Crypto Market Records $1,92B In Transactions, Investor Base Surpasses 19M
BinanceIDR is a BEP2 stablecoin, backed 1:1 by the Indonesian Rupiah (IDR), and is supported by both Binance and Tokocrypto, a regulated digital currency exchange in Indonesia. The token was first listed on the exchange four years ago.
In February, Indonesia witnessed a notable increase in cryptocurrency transactions, amounting to Indonesian Rupiah 30 trillion, equivalent to $1.92 billion.
According to the Commodity Futures Trading Supervisory Agency (Bappebti), the number of registered cryptocurrency investors in the country surpassed 19 million in the same month, reflecting an increase of 170,000 users since January. The persistent growth is associated with the positive market sentiments driven by the growth in Bitcoin’s (BTC) price and the following resurgence of altcoins, which are tokens alternative to Bitcoin.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
