Attention to all users who using Binance Broker account in their GT-APP account (GT-Protocol and GT-APP are legally registered in Europe).
Additionally, this is important information for those with accounts in the following European countries: Cyprus, Latvia, Poland, Czech Republic, Romania, Portugal, Austria, Hungary, Bulgaria, Greece, Norway, Luxembourg, Croatia, Slovenia, Ireland, Estonia, Malta, Finland, Slovakia, Denmark, Iceland, and Liechtenstein.
The MiCA (Markets in Crypto-Assets) regulation bringing changes to stablecoin rules that will impact all derivative products, including futures markets.
Please note that Binance has sent an email announcement to all affected users.
If you have not yet seen this message, please check the email inbox (including the "Spam" and "Junk" folders) registered to your Binance account.
The subject of the email is: "Important Update Regarding Your Access to Binance Futures."
Key points of this update:
— Those using Futures market features through Broker exchange connections at GT-APP should be aware that transfers of funds from the spot balance to the futures balance will be processed manually while the team resolves this temporary inconvenience. This means that transfers from futures to spot may take up to 24 hours.
— Tether (USDT) is a stablecoin, a digital currency that is pegged to the value of the US dollar.
— A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve of assets.
— BNFCR is Binance Futures Credit which will be equal to 1 USD.
— The Markets in Crypto-Assets (MiCA) regulation is a comprehensive legal framework proposed by the European Union (EU) to regulate the cryptocurrency market and its participants.
— The MiCA regulations will mandate stablecoin issuers to be governed as electronic money institutions. Consequently, many stablecoins available in Europe are currently unregulated since they lack authorization and regulation as e-money transmitters.
This will continue until Binance's system provides us with all the necessary functionality to automate these processes.
If you are using an API connection (and reside in the aforementioned regions) and your personal Binance account, you may close profitable trades now or keep the trade active until September 30, after which the exchange will automatically close the position if it is not already closed, using the configured take-profit targets or manually. If desired, you can also upgrade your futures account; until then, your position will operate in reduce-only mode.
Users are always responsible for their funds, so you may wait for further updates from the GT-Protocol team before attempting to launch your futures trading strategies.
We are in direct contact with a representative of the Binance team.
We are awaiting the necessary documentation to begin processing all the transfers automatically again.
Key dates to remember:
June 27: Futures positions using excluded API connections will switch to "reduce-only" mode. You can only close existing positions, and new positions cannot be opened.
September 30: All remaining positions in these products will be automatically closed if you do not switch your account to the new mode.
Until then, for owners of Broker exchange connections wishing to transfer funds from your futures to spot balance, you need to contact support and specify the desired transfer amount.
The only valid contacts for GT-APP support:
- https://t.me/GT_App_RobertCS
- https://t.me/GT_App_CSbot
Details can be checked in Binance BNFCR article:
https://www.binance.com/en/support/faq/how-to-use-binance-futures-credits-trading-mode-0e857c392a2d47cebde0af762d9255ae
ATTENTION: we do not require any additional information other than your UID, support does not contact you first, and does not ask you to transfer funds anywhere. All services provided on our GT-APP platform are included in the membership subscription payment.
