Binance To Remove BTC, ETH, & USDT Pair: What You Need to Know

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Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a significant change to its platform that affects users trading with the BIDR (Indonesian Rupiah-backed stablecoin). The decision impacts several key trading pairs involving Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), sending ripples across the crypto community.

This move is part of Binance’s broader strategy to streamline its offerings and enhance user experience by focusing on more widely adopted digital assets. Here’s everything you need to know about the delisting, timelines, affected services, and how to protect your assets.

Why Is Binance Removing BIDR?

Binance has decided to discontinue all BIDR-related products and services to optimize its platform for global user demand. While BIDR was introduced to support Indonesian users with a local fiat-pegged stablecoin, low adoption and operational complexity have led to this strategic withdrawal.

The exchange emphasized that this change aligns with its mission to deliver efficient, secure, and scalable services by concentrating on high-liquidity assets like FDUSD, BUSD, USDT, and other major stablecoins.

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Key Dates and Delisting Schedule

Binance has outlined a phased approach for removing BIDR from its ecosystem. Users must act before critical deadlines to avoid automatic conversions or loss of trading functionality.

Spot Trading Pairs Delisting – May 17, 2024

The following spot trading pairs will be delisted:

All open orders in these pairs will be automatically canceled at the time of delisting. Traders are advised to close positions manually to maintain control over execution prices.

Margin Trading Suspension – May 10, 2024

Binance Margin will cease support for the USDT/BIDR isolated margin pair. Margin trading will be suspended, and users must:

Failure to do so may result in forced liquidation or unfavorable settlement terms.

Full Service Discontinuation – August 20, 2024

After this date:

Services Affected by BIDR Removal

The delisting extends beyond spot and margin trading. Multiple Binance features will no longer support BIDR after their respective cutoff dates in May 2024:

Despite these changes, BIDR transfers to Tokocrypto via Third-Party Wallet Transfer will remain active until further notice, offering a temporary bridge for users seeking alternative platforms.

What Should Users Do Now?

To minimize disruption, Binance users holding BIDR or using related trading pairs should take immediate action:

  1. Convert BIDR Assets: Use Binance Convert to exchange BIDR for USDT, FDUSD, BUSD, or other supported stablecoins.
  2. Close Open Orders: Manually cancel any open trades in BTC/BIDR, ETH/BIDR, or USDT/BIDR before May 17.
  3. Exit Margin Positions: Settle leveraged trades involving USDT/BIDR before May 10.
  4. Withdraw or Reallocate Funds: Move assets to non-affected wallets or invest in alternative instruments.

Ignoring these steps could lead to automatic conversions at potentially unfavorable rates or missed opportunities during market volatility.

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Impact on Traders and Market Sentiment

While the removal of BIDR primarily affects Indonesian users, it signals a broader trend: centralized exchanges are increasingly rationalizing lesser-used assets to improve security, compliance, and liquidity.

Notably, the announcement coincided with a positive market shift:

This suggests that while regulatory and operational adjustments occur behind the scenes, overall investor confidence remains resilient.

Frequently Asked Questions (FAQ)

Q: What happens if I don’t convert my BIDR before August 20, 2024?

A: Any remaining BIDR balance will be automatically converted to FDUSD at the prevailing market rate. You won’t lose funds, but you’ll lose control over timing and pricing.

Q: Can I still deposit or trade BIDR after May 17?

A: No. After May 17, spot trading pairs involving BIDR will be delisted. Deposits and conversions will cease entirely by August 20.

Q: Why is FDUSD being used for automatic conversion?

A: FDUSD is a fully backed USD-pegged stablecoin issued by First Digital Labs. It offers transparency, on-chain verification, and growing adoption across exchanges.

Q: Will I be charged fees for converting BIDR?

A: Standard conversion fees apply when using Binance Convert. Check the latest fee schedule in your account dashboard.

Q: Is Binance leaving Indonesia?

A: No. This change only removes the BIDR stablecoin. Binance continues to serve Indonesian users through other fiat gateways and crypto services.

Q: Can I transfer BIDR to another exchange?

A: Direct withdrawals of BIDR are no longer supported. However, third-party transfers to Tokocrypto remain active for now.

Core Keywords

As the crypto landscape evolves, exchanges like Binance are refining their offerings to focus on efficiency and user-centric design. Staying informed about such changes ensures smoother navigation through transitions—whether you're a day trader or long-term holder.

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