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Europe can no longer trade on Binance Futures with Octobot #2658

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claudio-silva opened this issue Jul 5, 2024 · 0 comments
Open

Europe can no longer trade on Binance Futures with Octobot #2658

claudio-silva opened this issue Jul 5, 2024 · 0 comments
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trading & exchanges About trading and exchange features

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@claudio-silva
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claudio-silva commented Jul 5, 2024

To comply with European laws regarding authorized stablecoins, Binance introduced a system of credits for Futures trading, so that it can sidestep those restrictions.
Now we must use BNFCR credits to trade any Futures USDT or USDC pair.
Unfortunately, this kind of credits confuses Octobot and makes it unable to perform trades.

Supposedly, we should keep on using the original trading pair format (ex: SYMBOL=SUI/USDC:USDC)
But it doesn't work anymore.
We get errors like this on the log, when placing trades using Tradingview alerts:

Error when handling trading view signal: not enough funds: Not enough funds for NNN amount:
maximum available amount is 0E-22 and allow_holdings_adaptation is False

We also get this error on startup:

ValueConverter[binance] No trading pair including BNFCR and USDT on binance.
BNFCR can't be valued for portfolio and profitability.

and keep getting this error repeatedly:

PositionsUpdater[binance] 	Fail to update contracts settings : (error: NotSupported)

A clarification: BNFCR credits do not work exactly like other stablecoins. They can be used to trade on USDT and USDC pairs in place of the respective stablecoins, allowing one to trade in USDT even without a USDT balance, as long as one has a BNFCR balance instead. This is because european traders cannot use anauthorized stablecoins such as USDT. Recently, USDC has been deemed MiCA compliant, but still Binance forces traders to use BNFCR instead.

Note: to reproduce this you will need a Binance european account. US accounts are not affected.

@Herklos Herklos added the trading & exchanges About trading and exchange features label Jul 5, 2024
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