Incoming changes for Binance margin traders from EEA.

What is happening:

• EEA traders will no longer be able to trade using USD-M or COIN-M, and are being switched to “Binance Credits” (BNFCR) after 30.06.2024.

“Binance will restrict the availability of Unauthorized Stablecoins for EEA users across its product offerings, starting from 2024-06-30 (UTC+3).  Please note that Binance will not delist any stablecoins until further notice and they will remain available on Binance Convert, Spot Trading and Wallet.”

• Who will it affect?

If you reside in one of the following countries:

Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia and Slovenia.

• What to do:

Important: Do not open new positions on futures using stablecoins through cleo.finance. Once we have technical alignment with the new system we will inform you.

• All existing futures products will be set to “reduce only” mode from 26th June, the exact time depends on products.
• Accounts set to “reduce only” can still use stablecoin as collateral and have stablecoin transfer into those accounts.
• From 30th Sept 2024 all remaining positions in those existing products will be forced closed if the account is still in reduce-only mode.
• For UM Futures, a new “Binance Futures Credits Trading Mode” will be available on 26th June 2024 so clients can continue to trade UM Futures contracts. This mode will support a new asset called “Binance Credit” which will be pegged to USD at 1:1
• Binance states that for the most part it is simply a new “asset mode” where “Binance Credit” is supported. Accounts in this mode will be trading on the same contracts and same order books of the existing UM Futures.

There will be 2 paths moving forward:

1. Binance users have the option to upgrade to BNFCR, positions will be carried over and users can ignore the 30-Sep deadline if their account is in the new mode.
2. For account holders who reject/ignore to upgrade, their accounts will stay in the reduce-only mode. If the accounts still have remaining position on 30-Sep, their positions might be unwound.

Once we confirm trading can be resumed, we will let you know.

Please contact us if you need any assistance