New Binance Rules for Stablecoins

Attention to all Binance users who have accounts in 22 European countries: Cyprus, Latvia, Poland, Czech, Romania, Portugal, Austria, Hungary, Bulgaria, Greece, Norway, Luxembourg, Croatia, Slovenia, Ireland, Estonia, Malta, Finland, Slovakia, Denmark, Iceland, and Liechtenstein!

‍

The MiCA (Market in Crypto-Assets) regulation is bringing changes to stablecoin rules that will impact All derivative products like UM, CM, Options, Portfolio Margin, and Futures.‍

‍Key Dates to Remember:

• June 26: Some products will switch to "reduce only" mode. You can only close existing positions, no new positions can be opened.
• September 30: All remaining positions in these products will be automatically closed unless you switch your account to the new mode.�

‍

What's New for UM Futures Users? Introducing the "Binance Futures Credits Trading Mode" with a new asset called "Binance Credit," pegged to the US dollar.

In Binance Futures Credits Trading mode for USDT or USDC contracts, PNL, margin, and fees will appear as credits labeled BNFCR. Any stablecoin balance in your futures wallet (like USDT, USDC, FDUSD) can be converted to BNFCR at a 1:1 ratio at any time. 

Please note, this trading mode is currently only available for USDⓈ-M contracts. When transferring between futures wallets and other wallets using this mode, only BTC, ETH, and BNB can be used. BNFCR cannot be withdrawn directly but can be converted to BTC, ETH, or BNB before withdrawal.

Read more: https://www.binance.com/en/support/faq/how-to-use-binance-futures-credits-trading-mode-0e857c392a2d47cebde0af762d9255ae?hl=en

‍

Important Note: Transitioning to the new mode is irreversible. Make sure to thoroughly understand all details before making a decision.

‍

How will these changes impact MoonTrader?

1. Impact on Specific Users: These changes will only affect users from the mentioned countries. If your account is registered outside the EU, then there are no changes.
2. Trading Experience: Most likely, these changes won’t significantly alter your current trading experience. It will be similar to the Multi-Asset mode, and you will be introduced to a new asset from Binance (BNFCR). Our Product Team is continuously monitoring the situation; however, we cannot predict the exact outcomes until Binance implements the changes. We will keep you updated and, if necessary, release a new version ASAP.

Stay tuned to our channel: in upcoming posts, we will describe the upcoming changes in detail.

‍