Margin/Futures trading on Binance major problem

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Sensorei

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Is anyone trading futures or margin on Binance? I've got a very big position open and suddenly earlier today I got the message:
"As per our terms of use and compliance with local regulations, these features are not available in your region." I can't do anything on margin or futures now.

Previously I was able to trade leverage on ETH and BTC, but now I can not buy/sell or even close my positions. So I literally can not close my position to repay the margin loan. The only way to get my money back right now it seems is to deposit funds to repay the loan, despite my position being more than the margin debt.

I am hoping this is a temporary glitch. Is anybody else experiencing this?
 
is "your region" ZA?

if so ... it may have a little something to do with the FSCA license application review process, exchanges that played hard and fast with the rules before will no longer be allowed to do it

whatever the reason is though, the way Binance seems to have handled it seems pretty f-ed up
 
Did you reach out to Binance before popping onto the forums?

Only they can help you.
 
NarrowBandFtw said:
is "your region" ZA?

if so ... it may have a little something to do with the FSCA license application review process, exchanges that played hard and fast with the rules before will no longer be allowed to do it

whatever the reason is though, the way Binance seems to have handled it seems pretty f-ed up
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Yes, Binance stopped offering all leveraged trading in late 2021 in SA, but then around September '22 they started allowing it again via a representative arrangement with an authorised Financial Services Provider in SA, called FiveWest OTC Desk.

I've been trading margin/futures ETH and BTC on Binance for the last 4 months, and now today suddenly I was blocked with no warning, no emails, nothing.

Screenshot 2024-02-05 at 18.19.45 copy.jpg
 
Last edited:
SauRoNZA said:
Did you reach out to Binance before popping onto the forums?

Only they can help you.
Click to expand...
Yes, before I contact Binance I'm hoping to find someone in a similar position who might know more about this, or anyone who knows something about what's going on with Binance and the FSCA now that might have caused this.

Binance online customer support in my past experience has been terrible to deal with. I'd rather be more clued up about the situation before I contact them.
 
how long have you had the position should never opened in the first place. Was a VPN on when you did. You need to close that thing someway some how
 
Snyper564 said:
how long have you had the position should never opened in the first place. Was a VPN on when you did. You need to close that thing someway some how
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Since November last year. No VPN. Now blocked out of the blue without warning.

I was only able to open ETH and BTC positions. With other altcoins like SOL I got the "these features are not available in your region".

Interesting that they have a "Binance Futures and Margin Masterclass" video for South Africans posted in September 2023 by Binance South Africa, but then they do this nonsense.
 
Sensorei said:
Since November last year. No VPN. Now blocked out of the blue without warning.

I was only able to open ETH and BTC positions. With other altcoins like SOL I got the "these features are not available in your region".

Interesting that they have a "Binance Futures and Margin Masterclass" video for South Africans posted in September 2023 by Binance South Africa, but then they do this nonsense.
Click to expand...
Was around then when the issues happened. I think get them to close those things ASAp
 
So, Binance say I must repay the margin loan and then transfer my assets out after settling the debt. They won't let me liquidate the assets to settle the debt, even though the crypto they are holding hostage is worth more than what I owe.

A bit scammy. I would be f*cked if I couldn't get the funds available to settle the debt. Nevermind the $35/day interest I'm paying. I should have learned from the nonsense I experienced with them in 2021.
 
CryptoserA said:
is your account frozen?
you should be able to use the "repay with collateral" option

/
can you get an onchain loan?
Click to expand...
They will not let me pay the loan using my collateral. I need to pay off the margin loan to transfer assets. Binance were fine to let me open the trade, but now due to regulations they are claiming this bullshit story that they can't let me access it. I am trying to find someone in Binance SA who can get them to close the trade.

There's usually a "One Click Liquidation" option or "Close All" option, but these have now been removed since the restriction and there's no way to close the trade now.

I'm having to do a lot of manoeuvring to pay this loan as it's the biggest position I've had open in years. So I haven't exactly been sleeping ok.

Just another day in crypto. You think you've weighed up the risks well, and then unexpected crap goes down.
 
Fire up the VPN.

Change region to a different [BRICS] country.

Refresh the problematic pages.

Close your positions.

Now close your account.
 
DapperDanMan said:
Fire up the VPN.

Change region to a different [BRICS] country.

Refresh the problematic pages.

Close your positions.

Now close your account.
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I wish. VPN method doesn't work. The account limitations are set to the country of residence you KYC'd from. To get Binance to change the limitations you need to submit proof of residence in another country.
 
Dear Binancian,

Our records indicate that you are a resident in a region where Margin is currently no longer available, and that you are accessing them through the Binance platform.

With immediate effect, you will be restricted from opening new margin accounts, increasing your margin liabilities and/or margin positions. However, you can continue to top-up your margin balance to prevent margin calls and liquidations, or reduce and close any existing positions you may have. We encourage you to promptly take all steps possible to close out any outstanding Margin positions before 7 March 2024.

Thereafter, Binance will progressively close any open margin positions and pending orders, repay any outstanding margin liabilities for all margin products, and transfer any remaining assets to Spot Wallet. Regular trading fees will apply for the automatic settlement. Please note that you will not be able to update positions during the process and are strongly advised to close the positions and/or transfer the assets from Margin Wallets to Spot Wallets prior to the mentioned date.

Should you have any questions, please feel free to reach out to our Customer Support Team for assistance.

Thank you,
Binance
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This is appalling service. There was no communication when I opened the positions but now suddenly margin trading isn't allowed. A few months ago I was unable to transfer LPT to isolated margin even though I've executed trades there before. I guess if a company did this before they'd do it again.

The worse is I couldn't close a position yesterday when it was in the green and now it's in the red again. I can close positions but can't take out debt to do so. I'm just glad I closed the BNB position before that was accumulating 150% interest. I was hoping this was a glitch as well. I don't get how they can allow futures again but discontinue margin trading. Perhaps another bad press story for mybb @rpm
 
Swa said:
This is appalling service. There was no communication when I opened the positions but now suddenly margin trading isn't allowed. A few months ago I was unable to transfer LPT to isolated margin even though I've executed trades there before. I guess if a company did this before they'd do it again.

The worse is I couldn't close a position yesterday when it was in the green and now it's in the red again. I can close positions but can't take out debt to do so. I'm just glad I closed the BNB position before that was accumulating 150% interest. I was hoping this was a glitch as well. I don't get how they can allow futures again but discontinue margin trading. Perhaps another bad press story for mybb @rpm
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Al least I'm not alone in this BS. I hope you haven't lost much. I only noticed earlier today that they emailed me yesterday.

But it was Monday morning that they blocked me literally a few hours after my buy order went off, putting me at very risky leverage if this went south and unable to touch my position or set a stop loss. No warning!

I've just got an ETH trade going but the debt was very close to the limit of what I could afford to cover. It is completely unjustifiable to put people at risk of losing all their money by not letting them close positions. Trading is dangerous enough already without Binance trying to sabotage and rob you as well.
 
Sensorei said:
Al least I'm not alone in this BS. I hope you haven't lost much. I only noticed earlier today that they emailed me yesterday.

But it was Monday morning that they blocked me literally a few hours after my buy order went off, putting me at very risky leverage if this went south and unable to touch my position or set a stop loss. No warning!

I've just got an ETH trade going but the debt was very close to the limit of what I could afford to cover. It is completely unjustifiable to put people at risk of losing all their money by not letting them close positions. Trading is dangerous enough already without Binance trying to sabotage and rob you as well.
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I only put $100 into the margin account. It was mainly to get into shorting as when prices are high I'm literally stuck in my trading. I haven't lost yet as when the one position goes south the other makes up for it but I could have closed one yesterday and be in a better position today. Now I have to hope that XRP reaches 0.56 again and then ETC drops to below $25 after that but it has to be in that order in under a month unless I want to transfer more collateral into it.

I made over 50% in the last month alone so this could have gone good. I realise they may be in a tough position after the U.S. trading fiasco but to just restrict trading without notice to people in dangerous positions is atrocious to say the least. Last time when they restricted futures trading people weren't even allowed to close open positions and had to wait it out whichever way it went. This does not do anything to legitimise crypto and I'm sure there is actually a case for a class action lawsuit.
 
Swa said:
I only put $100 into the margin account. It was mainly to get into shorting as when prices are high I'm literally stuck in my trading. I haven't lost yet as when the one position goes south the other makes up for it but I could have closed one yesterday and be in a better position today. Now I have to hope that XRP reaches 0.56 again and then ETC drops to below $25 after that but it has to be in that order in under a month unless I want to transfer more collateral into it.

I made over 50% in the last month alone so this could have gone good. I realise they may be in a tough position after the U.S. trading fiasco but to just restrict trading without notice to people in dangerous positions is atrocious to say the least. Last time when they restricted futures trading people weren't even allowed to close open positions and had to wait it out whichever way it went. This does not do anything to legitimise crypto and I'm sure there is actually a case for a class action lawsuit.
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Yes this last happened in November 2021 and I was caught in a margin trade I couldn't access but fortunately all my sell orders went off. At every crypto convention, when Binance has a chance in front of the camera to chirp their motto they are all about the freedom of money globally. Then they do this BS and try to liquidate their customers.

MyBB made a big announcement in an article a while ago that margin trading was allowed again on Binance. This was in fact never accurate. Only futures trading was relaunched. @Jan should follow up on this with the latest fiasco.
 
Swa said:
Perhaps another bad press story for mybb
Click to expand...

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Sensorei said:
Yes this last happened in November 2021 and I was caught in a margin trade I couldn't access but fortunately all my sell orders went off. At every crypto convention, when Binance has a chance in front of the camera to chirp their motto they are all about the freedom of money globally. Then they do this BS and try to liquidate their customers.

MyBB made a big announcement in an article a while ago that margin trading was allowed again on Binance. This was in fact never accurate. Only futures trading was relaunched. @Jan should follow up on this with the latest fiasco.
Click to expand...
I wouldn't know about that as I started margin trading after the announcement. I assumed it was the same thing basically as there's no regulatory difference. I can't understand how they can now restrict some things after I just opened 2 futures accounts a few weeks ago.
 
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