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Important Notice for Binance Futures traders within the European Economic Area (EEA) from June 26th 2024
Important Notice for Binance Futures traders within the European Economic Area (EEA) from June 26th 2024
Updated over a week ago

If you trade with Binance Futures using 3Commas and are located in a country that is part of the European Economic Area (EEA), please be aware of an urgent announcement published by Binance recently.

What is going to happen?

  • From 26th June 2024, Binance Futures account holders located in the EEA will no longer be able to trade USD-M or COIN-M markets using direct assets in their accounts.

  • Futures trading will only be permitted using “Binance Credits” (BNFCR).

  • To continue trading Futures, Binance accounts must be switched to Multi-Asset mode using the Binance Web Interface, where only Cross margin will be supported. Multi-asset mode uses supported crypto assets in the user's exchange account as collateral which can then be used as margin for Futures trading via the BNFCR credits.

* Note: Coin Margin (Coin-M), Isolated margin and Single-Asset modes will no longer be available within the EEA.

Update June 26th, 2024 at 1500hrs UTC+0:

Binance have released the following Help Article that explains the changes in more detail:

Will it affect me?

If you are located in one of the following countries, then this change may impact you:

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

Please note Binance emailed the announcement to all affected users, if you have not seen this message already, please check the email box (including Spam or Junk folders) that is registered to your Binance account. The email has the subject: “Important upgrade regarding your access to Binance Futures”

What will happen on June 26th?

  • If you take no action, or choose to not “upgrade” your Binance account to enable Multi-asset mode, then:

    • New deals or trades created on Binance Futures USD-M and Coin-M accounts will fail to open and be accompanied by error messages in the logs

    • Orders that create or increase a Futures position will be rejected by the exchange

    • The exchange will only accept orders that will reduce the size of open Futures positions until September 30th, 2024

    • If any Futures positions are still active on the exchange account on September 30th, then Binance will close them on their side

  • If you do choose to “upgrade” your Binance account and enable Multi-asset mode:

    • New deals or trades created on Binance Futures USD-M and Coin-M accounts using Isolated leverage will fail to open and be accompanied by error messages in the logs

    • Orders that create or increase a Futures position using isolated leverage will be rejected by the exchange

    • The exchange will only accept orders that will reduce the size of open Futures positions using isolated leverage until September 30th, 2024

    • Trading on Coin-M instruments is no longer supported, he exchange will only accept orders that will reduce the size of open Coin Margin Futures positions until September 30th, 2024

    • If any Futures positions using isolated leverage or Coin Margin are still active on the exchange account on September 30th, then Binance will close them on their side

What should I do?

If you do not "upgrade" your Binance account to enable Multi-asset mode, then you should:

  • Stop your active Binance Futures DCA bots to prevent them from attempting to create new Futures positions.

    • Assess and manage any active DCA Bot deals, please note that the DCA bots will be unable to place Safety Orders after June 26th, and any unfilled safety orders will be cancelled by the exchange on June 26th.

    • You may choose to close profitable deals now, or leave the deal active up until September 30th, where the exchange will close the position automatically if it hasn’t already closed using the configured take profit targets or by yourself manually.

  • Stop your active Binance Futures Grid Bots and assess the Futures positions created on the exchange.

    • You may choose to close the whole position immediately or place “reduce only” orders to manage the reduction of the position size until it is closed.

    • If the position is still open on September 30th, Binance will automatically close it.

  • Stop your active Binance Futures Signal Bots to prevent them from attempting to create new Futures positions.

    • Assess and manage any active trades and Futures positions

    • You may choose to close profitable deals now, or leave the deal active up until September 30th, where the exchange will close the position automatically if it hasn’t already closed using the configured take profit targets or by yourself manually.

  • Assess and manage any Binance Futures SmartTrades that are active.

    • Any SmartTrades that have not started (awaiting the entry price) can be cancelled

    • Any active SmartTrades that have already started and have unfilled orders to “add funds” to the trade should have these orders cancelled

    • For active SmartTrades that are awaiting Take Profit or Stop Loss targets, you may choose to close profitable trades now, or leave the trade active up until September 30th, where the exchange will close the position automatically if it hasn’t already closed using the configured take profit targets or by yourself manually.

If you have chosen to upgrade your Binance account to enable Multi-asset mode, then the above steps to disable running bots is still recommended, but you may choose to leave active SmartTrades and bot deals running if they are using Cross margin. Futures positions created using isolated leverage or Coin Margin (Coin-M) will still need to be managed and closed by the September 30th, though.

ℹ️ Please review any DCA and Signal bots you have created on your account and update them to use Cross Margin mode, and remember when creating new SmartTrades or Bots to ensure Cross Margin mode is selected as Binance users located in the EEA region are now unable to use Isolated Margin mode.

When can I start trading Binance Futures again with 3Commas?

As a precaution, we advise users to await a further update from 3Commas before attempting to start your bots or create new SmartTrades again on your connected Binance Futures accounts. We are in direct contact with Binance’s technical team and are acquiring the necessary documentation to begin assessing and testing the impact of these changes to ensure safe and reliable operation of our bots and trading tools with Binance Futures.

If you continue trading using 3Commas and Binance Futures before receiving confirmation from 3Commas, then this is at your own risk.

Before you stop reading and start a chat with 3Commas support...

Please review the message mentioned earlier in this article sent directly from Binance to the email address registered to your Binance account for more detailed information about the upcoming changes and also view the Help Article published by Binance: How to Use Binance Futures Credits and Multi-Asset mode

If you cannot find the email message, and have checked your Junk/Spam folders, or if you have further questions, please contact the Binance Support Team directly.

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