Hello Gainium community,
If you trade with Binance Futures using Gainium and live in an EEA country, be aware of an important update from Binance.
Upcoming Changes
Starting June 26th, 2024, EEA-based Binance Futures account holders won’t be able to trade USD-M or COIN-M markets with direct assets in their accounts. Futures trading will require using “Binance Credits” (BNFCR). To continue, switch your Binance account to Multi-Asset mode via the Binance Web Interface. Only cross-margin will be supported, using crypto assets as collateral for Futures trading via BNFCR credits.
Note: Coin Margin (Coin-M), Isolated margin, and Single-Asset modes will no longer be available in the EEA.
Affected Countries
This change impacts users in: Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, and Slovenia.
Your country of residence is determined by your KYC details. If you were affected, you should have received an email from Binance. Check your email (including Spam or Junk folders) for an announcement titled “Important upgrade regarding your access to Binance Futures” for more details.
Key Dates
By June 26th:
- If you don’t upgrade to Multi-Asset mode, new trades on Binance Futures USD-M and COIN-M accounts will fail.
- Orders that increase Futures positions will be rejected.
- Only orders reducing open Futures positions will be accepted until September 30th, 2024.
- On September 30th, Binance will close any remaining Futures positions.
If you upgrade:
- New trades using isolated leverage will fail.
- Orders increasing Futures positions with isolated leverage will be rejected.
- Only orders reducing open Futures positions with isolated leverage will be accepted until September 30th, 2024.
- Trading on Coin-M instruments stops. Only orders reducing open Coin Margin Futures positions will be accepted until September 30th, 2024.
- Binance will close any active positions using isolated leverage or Coin Margin on September 30th.
Recommended Actions
To avoid issues:
- Stop active Binance Futures DCA bots to prevent new Futures positions.
- Manage active DCA Bot deals and consider closing profitable ones. Note that unfilled safety orders will be canceled after June 26th.
- Stop active Binance Futures Grid Bots and manage open Futures positions, closing them or placing “reduce only” orders as needed.
- Stop active Binance Futures Signal Bots to prevent new Futures positions.
- Manage active trades and Futures positions, closing profitable ones or letting them run until Binance closes them on September 30th.
- Assess and manage active Binance Futures SmartTrades. Cancel unstarted SmartTrades and orders to “add funds” to active trades. Decide whether to close profitable trades now or let them run until Binance closes them on September 30th.
If you upgrade to Multi-Asset mode, stopping running bots is still advised, but you can leave active Terminal trades and bot deals running if they use Cross margin. Positions using isolated leverage or Coin Margin must be closed by September 30th.
