Binance Blog

Main TakeawaysBinance Futures’ Perpetual Contracts offer institutional desks 24/7 market access, instant settlement, and capital-efficient leverage on both digital and traditional assets from a single platform.TradFi Perpetual Contracts bring commodities, stocks, and indices into the infrastructure already used for crypto derivatives.With a global license from the FSRA under Abu Dhabi Global Market, regulatory approvals across 20 jurisdictions, and $34 trillion traded across all products in 2025 alone, Binance provides institutional-grade compliance and liquidity.This is a general announcement. Products and services referred to here may not be available in your region. This content is intended for institutional and professional clients.Institutional trading in traditional finance (TradFi) operates within fixed boundaries. Markets open at set hours. When a macro event breaks over the weekend, even the most well-resourced desks have limited options until Monday morning. Much of this infrastructure was inherited from legacy systems built decades before always-on electronic trading became the norm. Perpetual futures contracts — or simply perps — offer an alternative. First proposed by economist Robert Shiller in 1992 and now the dominant derivatives instrument on centralized crypto exchanges by volume, perps trade 24/7, settle instantly, and don’t expire.In this article, we'll go over the limitations of TradFi infrastructure, how perps can complement an institutional trading strategy, and why more firms are integrating them into their workflows.The Limitations of Traditional InfrastructureThe friction points of legacy markets are well known. Equity and commodity exchanges enforce fixed trading windows, creating gaps where capital sits idle. COMEX gold futures, for instance, stop trading at 17:00 ET on Fridays and don't reopen until 18:00 on Sunday — a roughly 49-hour window during which a portfolio with leveraged gold exposure has no mechanism to hedge or adjust.Another consideration is cost structure. Traditional deliverable futures, or more commonly known as dated futures in TradFi, involve clearing fees, prime brokerage costs, and the operational overhead of managing roll schedules and rollover slippages as contracts approach expiry.Firms trading both digital assets and TradFi markets often manage positions across different platforms and account structures. That can mean duplicated compliance workflows, fragmented collateral pools, and more operational overhead than a unified system.The Case for Perpetual ContractsPerpetual futures contracts are derivatives that track the price of an underlying asset without a fixed expiration date. Unlike deliverable futures, which require monitoring expiry schedules and rolling positions forward, a perp contract stays open until the trader closes it. The price stays anchored to the underlying spot market through a funding rate mechanism: typically every eight hours (intervals may be adjusted during periods of increased volatility), a funding fee is exchanged between long and short holders, depending on whether the futures price trades above or below the spot price. Binance's TradFi Perpetual Contracts apply the perp model to TradFi assets. The current lineup includes indices like iShares MSCI South Korea (EWYUSDT) and MSCI Japan ETFs (EWJUSDT); commodities like gold (XAUUSDT) and silver (XAGUSDT); and select stocks such as Tesla (TSLAUSDT) and Intel (INTCUSDT). All contracts settle in USDT. Availability and the supported symbols vary by region and may change. Note that TradFi Perps are not associated with, sponsored, endorsed, or affiliated by, the issuer of the relevant underlying shares or the exchange on which they are listed.During the underlying market’s hours, pricing is driven by a real-time Price Index pulling from multiple data sources. When markets for the underlying asset close, the Price Index is fixed at its last recorded value, and the Mark Price transitions to an Exponentially Weighted Moving Average (EWMA) of futures price, with hard caps (currently ±3% across all TradFi perp contracts) to prevent drift. For institutional desks, this directly addresses off-hours gap risk — the same exposure that traditional infrastructure leaves unmanaged.A single Binance account provides access to both crypto derivatives and TradFi exposure, with more time to act on macro events than traditional exchange hours allow. Binance VIP’s fee structures are also among the industry’s most competitive. Refer to our fee schedule for the latest fees by tier. Cumulative activity on TradFi Perpetual Contracts reflects growing adoption. As shown in the chart above, both cumulative trading volume and total trades processed on Binance have risen sharply since launch, reaching over $153B in cumulative trading volume and more than 113B trades processed as of March 12, 2026 (UTC), according to data from CryptoQuant.Fully Regulated and Globally LicensedBinance holds regulatory licenses and registrations across 20 jurisdictions, and serves over 310 million users globally. TradFi Perpetuals specifically are offered under Nest Exchange Limited, a Binance entity licensed by ADGM's Financial Services Regulatory Authority. In recent years, Binance has invested hundreds of millions of dollars in compliance infrastructure to build a world-class compliance program, ensure the security of user funds, and promote a safe trading environment. As part of this effort, we have significantly expanded our compliance headcount to more than 1,500 individuals worldwide, and continue to invest heavily in law-enforcement cooperation and capacity-building. Binance maintains the Secure Asset Fund for Users (SAFU) as an emergency insurance reserve and publishes regular proof-of-reserves that demonstrate 1:1 backing of user assets.One Platform, Every MarketPerpetual futures on Binance address the limitations of traditional market infrastructure. For institutional desks navigating macro events, managing cross-asset exposure, or seeking capital efficiency without roll costs, Perpetual Contracts address gaps that legacy systems weren't built to fill. Binance provides the regulated, liquid infrastructure to access and manage exposure from a single account, spanning crypto, equities, indices, and commodities — around the clock. To explore how TradFi Perpetual Contracts fit your trading strategy, get in touch with the Binance institutional team today by filling up the form below.Get in TouchFurther ReadingTradFi Perpetuals on Binance: Trade Commodities and Stocks 24/7Perpetual vs. Deliverable Futures on Binance: What’s the Difference?The Rise of Binance as the 24/7 Global Market – From Crypto to TradFi PerpetualsDisclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. TradFi Perps are subject to high market risk and price volatility (particularly outside traditional market hours). You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. TradFi Perps do not represent ownership of the relevant underlying asset. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Clearing Rules, Clearing Procedures, Contract Specifications and Risk Warning.Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.

By Hannah Garvey, Senior Privacy Legal Counsel, BinanceMain TakeawaysZero-knowledge proofs (ZKPs) can modernize compliance by allowing firms to prove they followed rules such as sanctions screening, KYC, asset segregation, and capital checks without routinely exposing sensitive user data.Regulatory tailwinds are making proof-based compliance more timely, including more granular AML expectations, stricter data-minimization requirements, emerging digital identity frameworks such as eIDAS 2.0, and growing supervisory interest in privacy-enhancing technologies.When done well, proof-based compliance can make oversight more precise and privacy-respecting, as well as simplify supervision.Financial compliance has always been a balancing act: regulators need enough visibility to keep bad actors out, while users should not have to expose their entire financial lives just to trade or make a payment. Now, that tension is sharper than ever, with stricter AML expectations, broader data-protection regimes, and more cross-border activity.The good news is privacy and compliance no longer have to be a trade-off. Zero-knowledge proofs (ZKPs) offer a practical way to resolve the privacy paradox by shifting the model from “show me the data” to “show me the proof.” Firms can now demonstrate they meet obligations such as sanctions screening, KYC requirements, client-asset segregation, and capital checks without handing over the underlying sensitive information. This method upgrades compliance by using verifiable, tamper-evident proofs that preserve oversight while reducing exposure of sensitive data.The Power of Zero-Knowledge ProofsA zero-knowledge proof lets someone prove they followed a rule without revealing the sensitive data behind it. In finance, such rules can be very varied and concrete: “this wallet was screened against the current sanctions list”; “this user holds a valid KYC credential from a trusted issuer”; “this exchange holds client assets 1:1 and they reconcile to liabilities”; “this transaction is below (or within) an allowed range,” and so on.Today, the law can require firms to report large datasets to regulators. Binance complies in line with applicable data-protection laws, but broad data transfer increases potential exposure to breaches and misuse. A ZK-based approach proves the outcome instead of sharing every input, and can still support selective disclosure when needed through controlled access such as viewing keys, time-bound permissions, and auditable logs under due process.The Case for Zero Knowledge Proofs as Three Trends EmergeThree trends are converging in a way that makes proof-based compliance timely.In the EU, AML expectations are becoming more granular at the same time that GDPR and other privacy regimes emphasize data minimization and purpose limitation. These goals can reinforce each other: compliance should deliver the same or better assurance with less routine exposure of personal data, supported by privacy-preserving reporting.Digital identity frameworks such as eIDAS 2.0 are also moving closer to implementation. Built on verifiable credentials, selective disclosure, and cryptographic attestations, they make portable “I passed KYC” or “I am not sanctioned” credentials more realistic, allowing checks to be proven rather than repeatedly re-collected across services. At the same time, supervisors are increasingly exploring privacy-enhancing technologies, including proof-verification models.What a Proof-Based Compliance Stack Could Look LikeLive examples already exist. Binance’s ZK-enhanced proof-of-reserves system is the best known one: using this approach, a platform can prove it holds enough assets to cover customer liabilities without exposing individual balances.The same idea can be applied to sanctions screening. Instead of repeatedly sending full identity data, a wallet could present a proof showing it was checked against the latest list at a specific time. A regulator, or a regulated Virtual Asset Service Provider (VASP) on the other side, could validate that proof through a verifier node. Verifier nodes are a policy proposal that would give supervisors a way to verify proofs without collecting bulk data.ZKPs can also support segregation checks. A custodian could prove client assets are not co-mingled with house funds using range or sum proofs without publishing the entire ledger. These checks can even be enforced at transaction time through smart contracts, enabling programmable compliance where rules are validated in real time rather than after the fact.For regulators, ZKPs can underpin a shift from collecting raw datasets to verifying cryptographic evidence. Assurance and auditability remain, including traceability when there is a legal basis to unmask, while default data exposure is reduced, lowering both operational and legal risk.What Acceptance Could Look Like in PracticeRegulatory acceptance is already happening in limited contexts, and the practical next step is targeted pilots. Examples include proof of reserves with regulator-verifiable parameters, Travel Rule-compatible proofs that confirm required originator and beneficiary attributes without sharing full records with every intermediary, and client-asset segregation proofs in custodial environments.As ZKPs become more familiar, the same primitives can extend to prudential and market-integrity controls. For example, range proofs can demonstrate concentration limits, sum proofs can confirm exposure caps, and portfolio-level proofs can show margin and risk controls remain within approved parameters without revealing underlying positions.For law enforcement, importantly, zero knowledge does not mean opacity. A well-designed model supports selective disclosure through controlled access such as user-held viewing keys or multi-party regulatory keys, usable only under due process and fully logged so disclosure is narrow, provable, and accountable, rather than universal and “silent.”What Regulators Could RequireTo work across borders, we need standards: proof types (e.g. “not on sanctions list X as of date Y”), credential formats, and verifier logic that can be inspected. Without this, exchanges, wallets, and banks may each build their own versions, creating unnecessary complexity for supervisors.Concretely, regulators may benefit from six things:Outcomes over data (“tell me what you proved, not everything you hold”);Least-information proofs (“prove only what is necessary for this obligation”);Programmable checks (enforced at transaction time where appropriate);Strong data-availability and exit mechanisms (users can always confirm their balances and withdraw);Verifiable verifier logic (inspections, test vectors, audit logs);No generalized backdoors (disclosure only under lawful, narrow, logged processes).Binance already uses these primitives in our proof of reserves. Our system combines a Merkle tree, which compresses many account entries into a single cryptographic fingerprint, with zero-knowledge proofs to show customer assets are fully backed without revealing individual balances. Users can verify their own balance is included, while the proof confirms totals and prevents negative or fabricated balances – resulting in an independent, privacy-preserving verification of reserves that builds trust without compromising personal data.This is bigger than any one company. Done well, proof-based compliance can make oversight more precise and privacy-respecting. Getting there will require collaboration across regulators, industry, and standards bodies to align on interoperable proof standards.Final ThoughtsSuccess is a compliance system where legitimacy can be proven without oversharing, delivering assurance with less disclosure. Users can demonstrate compliance with minimal disclosure; banks, VASP, and exchanges can meet AML and Travel Rule requirements with smaller data transfers; and regulators can verify proofs through oversight infrastructure such as verifier nodes while retaining the ability to unmask bad actors under clear, narrow, lawful conditions.As cyber risk rises, privacy laws evolve, and cross-border digital finance moving from routine bulk data collection to verifiable proofs is a pragmatic upgrade to supervisory practice. This direction aligns with Binance’s focus on building trust at scale by strengthening oversight while protecting user data. We’re ready to work with supervisors, industry, and civil society on standards-driven pilots and conformance testing so this approach is practical, auditable, and safe.*References to EU privacy law in this op-ed reflect the framework as of November 2025; the Commission’s Digital Omnibus proposals remain subject to change through the ordinary legislative process. Note: We welcome evidence-based contributions from regulators, supervisors, industry practitioners, academics, subject-matter experts and standard-setting bodies. Find out more here.Further ReadingRegulation, Innovation, and Adoption – Inside Binance’s APAC Strategy With SB SekerThe 2025 CoinDesk Benchmark: The Exchange Industry’s Health Check And Binance’s LeadershipCelebrating Recognition: Binance Named Digital Assets Exchange of the Year by Regulation Asia

Main TakeawaysCricket and crypto both reward smart decisions, patience, and timing — values that define the renewed partnership between Binance and Islamabad United.Building on last year's "Beyond the Boundary" collaboration, this season introduces a new theme: "Pick Your Shots" — focusing on making the right moves at the right time.Throughout PSL Season 11, Binance is giving users the chance to share $50,000 in rewards and win other exclusive prizes across a series of campaigns.Campaigns and rewards referred to here are available only to eligible Binance users in Pakistan.Building on last year's partnership — "Beyond the Boundary" — Binance is teaming up again with Islamabad United, the only franchise to win three PSL titles, for a series of campaigns built around the principle every great batter knows: "Pick Your Shots."Across PSL Season 11, Binance users will have the chance to share $50,000 in rewards and unlock exclusive prizes, from signed Islamabad United merchandise to player meet & greets.What Does it Mean to Pick Your ShotsNot every ball is meant to be hit. What separates good players from great ones is patience. Instead of swinging at every opportunity, the best players know to read the game and pick the right moments to play their shot. The same thinking applies in crypto. There’s a constant pressure to act on every price move, every headline that hits social media. But the traders who win are selective, they do their research, and like the best cricket batters, wait for the right signal to make their trade.This is what it means to Pick Your Shots. Step In and Pick Your ShotsCampaign Period: 2026-03-26 00:00 (UTC) to 2026-04-26 23:59 (UTC)Binance has launched a series of campaigns running throughout PSL 11, with a shared reward pool of $50,000 and multiple ways to get involved, from trading tasks to referral challenges.Beyond crypto rewards, users will have a chance to unlock rewards that bring them closer to the action during PSL 11, including:Meet and greet with the playersSigned Islamabad United merchandiseExclusive prizesPSL 11 is underway. Click below to get involved, whether you’re here for cricket, crypto, or both.Explore the Campaigns and Pick Your ShotsFurther ReadingBinance Renews Partnership With Islamabad United Ahead of PSL 11Binance and Pakistan Partner to Advance Digital-Asset Innovation and Regulatory DevelopmentBinance Academy Partners With Pakistan's Ministry of IT and Telecom to Revolutionize Blockchain EducationRisk Warning: Digital asset prices can be volatile. The value of any asset or investment may go down or up and you may not get back the amount initially paid. You are solely responsible for your purchase decisions and neither Binance, nor its sponsorship partners, are liable for any losses you may incur. This is not financial advice. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysMarket making can improve liquidity and support orderly trading, but not every market-making arrangement is aligned with long-term market integrity. Users and projects should watch out for behaviors such as aggressive selling that conflicts with token distribution plans, since this can undermine price stability, community trust, and long-term sustainability.Project teams should carefully vet and manage market makers by conducting thorough due diligence, establishing clear contracts with defined roles and compliance requirements, and continuously monitor market maker activity to protect project stability and community interests.Users should remain mindful of market conditions, especially for newly listed or volatile assets, and be aware of potential signs of non-organic activity when making trading decisions.Healthy markets depend on real liquidity, spreads that reflect genuine supply and demand, and participants who play by rules designed to keep trading fair and orderly. Market makers are a big part of that system. When they operate responsibly, they continuously quote buy and sell orders to tighten spreads, deepen liquidity, and reduce slippage, especially during volatility. To dive deeper, read our previous article Market Makers and Market Integrity: How Binance Ensures a Fair Trading Environment.Market conditions can vary widely across the industry, and certain trading patterns on both centralized and decentralized venues may indicate elevated risk to orderly trading. In this article, we’ll share red flags that can help users and projects recognize potentially harmful market-making behavior along with practical steps projects can take to reduce risk.What is a Market Maker?In the crypto context, a market maker is a firm or entity that provides liquidity to a trading pair by continuously posting both buy and sell orders on an exchange. Their goal is to make trading smoother, ensure prices remain orderly, and narrow the gap between buying and selling prices, so that users can enter and exit positions without extreme price swings.Market makers appear on both centralized and decentralized exchanges. On centralized exchanges like Binance, they provide liquidity to the order books for various tokens, especially those with lower trading volumes, helping maintain consistent trading activity. On decentralized exchanges, market makers act as liquidity providers by depositing token pairs into automated market maker pools, which enables other users to trade without waiting for a matching counterparty. Market makers are also often involved in token launch events or early-stage listings, supporting liquidity and reducing volatile price movements in the initial trading period.Thus, the key role of a market maker is to maintain liquidity, stabilize prices, and support orderly trading by balancing buy and sell orders. However, not all market makers operate responsibly.Red Flags to Watch for in Market Maker ActivityOngoing monitoring of on-chain activity across the industry suggests that while most market makers operate responsibly, certain behaviors can signal elevated risk. Below are some common red flags, including but not limited to the following.1. Selling That Conflicts With Token Release SchedulesMarket makers should respect agreed token release schedules. Early, excessive, or repeated selling that appears inconsistent with these timelines may indicate misaligned incentives or poor controls.2. One-Sided Trading BehaviorHealthy market making should support two-sided liquidity. A pattern of persistent sell-side orders without corresponding buy-side activity may contribute to price pressure and undermine orderly markets.3. Coordinated Sell-Offs Across PlatformsLarge, simultaneous token deposits and selling activity across multiple exchanges – beyond normal liquidity rebalancing – can be a warning sign of coordinated distribution rather than genuine market making.4. Volume That Doesn’t Match Price BehaviorBe cautious of high trading volume with limited price movement. In a healthy market, sustained volume usually pushes price up or down. When it doesn’t, it can indicate wash trading rather than organic demand.5. Price Spikes or Drops With Thin LiquidityIn a healthy market, deep order books mean there are many buy and sell orders at different price levels, which helps absorb trades smoothly. When liquidity is thin or order books are shallow, even relatively small trades can cause outsized price swings, making prices easier to push up or down artificially.6. Unbalanced Volume and LiquidityGenuine volume is typically supported by meaningful liquidity. When liquidity is shallow, large trades can move prices easily. Hence, if an asset appears heavily traded but has little depth on the order book, the activity may not represent genuine market interest.Conducting Due Diligence, Managing RiskUnderstanding how market makers influence liquidity can help you better assess market conditions before engaging with a market maker – especially in newly listed assets and fast-moving markets. Early-stage markets carry structural risks, making upfront diligence essential.Before engaging with market makers, consider the following steps:Assess liquidity depth, not just volume: Review order books to confirm that trading activity is supported by meaningful buy and sell interest across price levels.Monitor price behavior relative to volume: Consistent volume without natural price movement, or sharp moves on minimal trades, may signal artificial activity.Evaluate market balance: Healthy markets typically show two-sided activity, with both buy and sell orders contributing to orderly liquidity.Watch for irregular trading patterns: Coordinated activity across platforms or repeated short-term spikes may warrant caution.Avoid making rushed decisions: Take time to observe how liquidity and pricing behave across different market conditions before participating.Applying disciplined due diligence can help you reduce exposure to unstable market dynamics and support more informed decision-making.Best Practices for Token Launch or ListingA successful token launch or listing depends on transparent token management, responsible market practices, and strong governance frameworks. Projects launching or listing are expected to uphold the following best practices to support orderly markets and protect users.Adhere strictly to token release schedules: Tokens must not be sold, released, or distributed ahead of agreed timelines, as premature supply can disrupt market stability.Strictly prohibit market-disruptive token activity: Large-scale token offloading (also known as token dumping) that creates excessive downward price pressure is prohibited.Maintain market integrity: Report your market maker’s details, legal entity, and contract terms to the listing platform promptly. Projects must not coordinate with market makers or other third parties in ways that manipulate prices or distort liquidity.Apply rigorous due diligence when selecting partners: Market makers and service providers should be vetted based on proven track records, industry credibility, and alignment with compliance standards. Profit-sharing models and guaranteed profit models with MMs are prohibited, and token loan agreements should clearly define the permitted use of tokens.Define clear and enforceable mandates: Agreements with market makers should explicitly outline roles, trading parameters, compliance obligations, and safeguards to mitigate risk.Monitor continuously post-listing: Ongoing oversight is essential to detect irregular activity early and ensure continued alignment with agreed terms and market expectations.Final ThoughtsAt Binance, we’re committed to ensuring transparency and integrity across the crypto industry. We actively monitor market-making activity to enforce the highest standards and will take swift, decisive action against any misconduct, including blacklisting market makers who breach our rules – because protecting our users and maintaining a fair, trustworthy trading environment comes first. If you have information about suspected market maker misconduct, please report it promptly to audit@binance.com.Further ReadingHow to Spot and Avoid Lookalike Token Scams: 2026 GuideP2P Crypto Safety – How to Spot and Avoid Pay-to-Canceled-Order ScamsBinance’s 8-Level Defense Against Account TakeoversDisclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Please fund your wallet and perform your transactions cautiously. Not financial advice. For more information, see our Terms of Use, Binance Pay Terms of Use and Risk Warning.

Main TakeawaysBinance Futures TradFi Perpetual Contracts give users leveraged exposure to traditional assets — including commodities and select stocks and indices — with USDT settlement and no contract expiration.Move between different asset classes in a few clicks without having to withdraw funds from Binance or juggle different platforms.Pricing stays pegged to the underlying asset using a real-time Price Index mechanism during trading hours and an Exponentially Weighted Moving Average (EWMA) during off-hours.This is a general announcement. Products and services referred to here may not be available in your region.Exposure to crypto, stocks, and commodities has traditionally required separate brokerages and platforms. Binance’s TradFi Perpetual Contracts help simplify that by bringing different markets into one platform.The current TradFi Perpetual Contracts lineup covers multiple asset classes — from commodities like gold (XAUUSDT) and silver (XAGUSDT) to select stocks such as Tesla (TSLAUSDT) and Intel (INTCUSDT), as well as index ETFs like iShares MSCI South Korea (EWYUSDT) and MSCI Japan ETFs (EWJUSDT). Availability and the supported symbols vary by region and may change. Note that TradFi Perps are not associated with, sponsored, endorsed, or affiliated by, the issuer of the relevant underlying shares or the exchange on which they are listed.This guide goes into what TradFi Perpetuals are, how they work on Binance, the risks of trading them, and how to get started.What Are TradFi Perpetual Futures Contracts?A perpetual futures contract is a type of derivative that follows the price of an underlying asset without you ever owning it. Unlike standard (or deliverable) futures, which expire on a set date, perpetual futures stay open until you close them. TradFi Perpetuals on Binance apply this concept to traditional assets, such as stocks or commodities like silver and gold. Users can now gain exposure to the price movements of these assets with the flexibility of 24/7 access and USDT settlement, all within the Binance ecosystem.Why TradFi Perpetuals on Binance are a Game-ChangerTraditional markets like the New York Stock Exchange operate Monday through Friday, 9:30 to 16:00 EST. If a price-moving event breaks out on a Saturday evening, traders can’t act until Monday morning, but with TradFi Perpetuals, which trade 24/7, you’re never locked out.Standard futures, also known as deliverable futures, require you to monitor expiration dates and decide whether to roll positions forward. Perpetual futures contracts have no expiry. You hold for as long as you want and close when you're ready.With perps, users can amplify their positions using leverage. For example, with 5x leverage, a $500 position gives you exposure to $2,500 worth of an asset such as a stock or commodity. Note that leverage can also amplify your losses if the price moves against you. Always trade responsibly and within your means.To learn more about the differences between perpetual and deliverable futures contracts, read our blog explainer: Perpetual vs. Deliverable Futures on Binance: What’s the Difference?Explore TradFi Perpetuals on BinanceHow TradFi Perpetuals Work on BinanceEach contract is tied to a specific TradFi asset and tracks its real-time price through an index. When you open a position, you choose a direction. Going long means you profit when the price rises, while going short means you profit when it falls. You also select a leverage multiplier or can opt to trade without leverage, which determines how much exposure you get relative to your margin. Currently all TradFi Perpetual contracts on Binance settle in the widely-used USDT stablecoin and follow the same fee structure as Binance's existing perpetual contracts for crypto assets. The interface should feel familiar if you've traded perps on Binance before.Pricing during off-hoursBinance uses a Price Index mechanism that pulls live data from multiple sources and updates every second during trading hours. When the market for the underlying asset closes, the price remains fixed at its last recorded value.The Mark Price is the price Binance uses to calculate your profit and loss in real time. It follows live data from the underlying market during trading hours. To prevent sudden price swings during off-hours, the Mark Price switches to an Exponentially Weighted Moving Average (EWMA) of futures prices, while hard caps limit how far it can drift from the Price Index (currently ±3% across all TradFi perp contracts).For a full breakdown of how each pricing mode works, see the TradFi Perpetuals FAQ. Risk management toolsUsers can set stop-loss orders to automatically close their positions if the price moves against them past a set threshold, while take-profit orders lock in gains at a target level. Liquidation thresholds are displayed on the order panel before users confirm any trade, showing exactly how far the market can move before their position faces forced closure.How TradFi Perpetuals Benefit Retail UsersWith TradFi Perpetuals, you can gain exposure to traditional assets from the same account you use for crypto. All contracts settle in USDT, so your capital stays in one place. For those whose holdings are concentrated in crypto, TradFi Perpetuals add a different return profile and allow users to diversify across different asset classes on one platform. You can now rotate between crypto and traditional asset positions without converting currencies or moving funds between platforms. For example, rotating profits from a gold contract to a crypto trade takes seconds on Binance.TradFi Perpetuals are operated by Nest Exchange Limited, a Binance entity licensed by ADGM's Financial Services Regulatory Authority, one of the leading financial regulators. Moreover, Binance consistently handles some of the highest daily trading volumes among digital asset exchanges, translating to tighter bid-ask spreads and more reliable execution on your trades.Getting Started with TradFi Perpetuals on BinanceFor those trading with Binance Futures for the first time, remember to transfer funds from your Spot wallet to your Futures wallet if you haven’t already. Follow the steps below once you’re ready.Log in to the Binance app and tap [Futures] on the bottom of your homepage.Tap on the trading symbol on the top left.Select the [TradFi] tab to view the list of TradFi contracts.Once you’ve selected a contract, enter your trade amount and choose if you want to go long or short. If you are new to leveraged products, visit Binance Academy for guides on leverage, margin, and liquidation before your first live trade.Risks and Responsible TradingThere are risks associated with trading perpetual contracts on traditional assets. By accessing and trading TradFi Perps, you agree to assume all risks associated with TradFi Perps including but not limited to the risks set out herein and in the Risk Warning that includes a summary overview of some (but not all) of the risks that may result from trading TradFi Perps. If you are new to perpetuals, start with small position sizes and little to no leverage, and only trade an amount you’re comfortable with losing. You can slowly increase the amount of your positions as you develop a consistent risk management approach. You are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance.Start Trading TradFi PerpetualsAt Binance, we're building toward a single platform that gives you access to the world's markets. Instead of splitting your capital across multiple brokerages and apps, products like TradFi Perpetuals allow you to manage exposure across asset classes on one platform.More contracts and asset classes are on the way, selected based on market demand and regulatory requirements. The current lineup is a starting point. Log in to your Binance account, open Futures, and select a TradFi Perpetual contract to place your first trade. Explore TradFi Perpetuals on BinanceFurther ReadingPerpetual vs. Deliverable Futures on Binance: What’s the Difference?The Rise of Binance as the 24/7 Global Market – From Crypto to TradFi PerpetualsDisclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. TradFi Perps are subject to high market risk and price volatility (particularly outside traditional market hours). You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. TradFi Perps do not represent ownership of the relevant underlying asset. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Clearing Rules, Clearing Procedures, Contract Specifications and Risk Warning.Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysBinance OTC trading volumes surged in early 2026, reaching 25% of 2025’s full-year volume in just two months, driven by growing institutional demand and trust.Binance’s OTC desk efficiently handled complex token conversions at scale, exemplified by a $105M WBETH-to-ETH trade settled in 2 hours with minimal slippage.For large or time-sensitive trades, Binance OTC & Execution Services provides high-touch execution with deep liquidity, competitive spreads, and flexible settlement options.Welcome to the second edition of the Binance OTC (Over-the-Counter) & Execution Services monthly digest. In this issue, we examine how continued macro and geopolitical headlines in February drove risk-off rotation across markets, explore what the combination of rangebound BTC prices and a surge in our desk's trading volume may signal about underlying demand, and close with a real client case study illustrating how OTC execution can solve complex token conversion challenges at scale.Accelerating OTC Volumes in 2026Binance OTC & Execution trading volumes have accelerated significantly compared to last year. The volume executed across just the first two months of 2026 already represents 25% of our full-year 2025 activity, a pace of growth that reflects expanding institutional demand for high-quality, discreet liquidity solutions and the increasing trust our clients place in our execution capabilities.BTC Holds Rangebound Despite Heightened Macro PressuresCrypto markets entered February on the back of a continued BTC correction that coincided with a broader retracement in U.S. technology equities, driven by concerns over AI sector disruption. BTC opened the month near $78,000 and tested the $60,000 level within the first week of February. Simultaneous volatility in precious metals amplified cross-asset turbulence, with gold implied volatility surpassing 44%, its highest level since the 2008 financial crisis, Notably, that was above Bitcoin's realized volatility of approximately 39% over the same period, a reversal of historical norms that reflects the depth of macro uncertainty during this period.Since mid-February, BTC has traded in a rangebound fashion between approximately $71,000 and $78,000. Despite ongoing risk-off sentiment and renewed geopolitical tensions in the Middle East toward month-end, price action has held up notably well relative to broader market conditions.Assessing Near-Term Support LevelsSince BTC touched $60,000 in early February, we have received a significant volume of client inquiries about whether that level marks the cycle bottom. Our view is that while $60,000 may not represent the absolute trough, but we believe the floor is likely not far below for two reasons:Our desk has observed a meaningful increase in institutional flows directed toward building spot BTC positions, suggesting that sophisticated market participants view the $60,000 range as a strategically attractive entry point.There is a dense technical support zone between $55,000 and $69,000, corresponding to the extended consolidation range BTC occupied for over six months following the launch of spot BTC ETFs in early 2024. Prolonged consolidation within that band established significant structural support, and we expect strong buying interest to emerge if price approaches those levels.BTC’s long-term trend. Source: TradingViewFor deeper analysis, see our OTC Weekly Trading Insights (Feb 20, 2026): Identifying the Bitcoin Cycle Bottom.What We Are Seeing on the OTC DeskFebruary saw a remarkable surge in Bitcoin trading volume through our OTC desk. BTC accounted for 45.81% of total OTC volumes in February, up sharply from 4.91% in January, a tenfold increase that reflects renewed conviction in the major assets amid market volatility.Crypto buying from fiat and stablecoins also accelerated materially. Stablecoin/fiat-to-crypto volume more than doubled month-over-month, rising from 21.43% in January to 48.95% in February. This sustained accumulation activity, even against a risk-off macro backdrop, could point to early bullish repositioning among institutional and high-net-worth clients.Stablecoin-to-fiat activity remains robust, reflecting the continued role of stablecoins as a critical bridge between crypto markets and traditional finance infrastructure.On the altcoin side, the desk facilitated active trading across FOGO, RAY, FIRO, NFT, ALPHA, AVAX, and ASTER, reflecting the diverse mandates of our client base. On the fiat side, significant volumes were executed in ARS, BHD, MXN, EUR, USD, and COP, a testament to our global reach and multi-currency execution capabilities.Unwrapping Tokens at Scale: A WBETH ExampleEthereum daily transactions reached an all-time high in mid-January, fueled by the successful deployment of the Fusaka upgrade, a steady rise in daily active addresses, and the network’s growing dominance in real-world asset (RWA) tokenization. In step with this activity, the OTC desk recently assisted a client holding a substantial WBETH (Wrapped Beacon ETH) position accumulated through our Earn product.The client needed to convert WBETH to ETH quickly and withdraw funds at scale. Under the standard redemption process, a position of this size would have required a 9-day wait, an unacceptable liquidity constraint for a time-sensitive situation.2 hrsSettlement Timevs. 9-day standard process75% Better Price Execution vs. estimated slippage via orderbook $105M+Notional ExecutedWBETH → ETH conversionBy leveraging our deep liquidity pools, the OTC desk executed the full conversion in just 2 hours, with slippage of only 50 basis points on a notional exceeding $105 million, vs expected spillage of over 200 basis points on orderbook, an improvement of 75%. This engagement illustrates the operational value of institutional-grade OTC execution for clients navigating complex token workflows under time pressure.What is Binance OTC & Execution ServicesBinance OTC & Execution Services is a premier one-stop solution for executing large or complex trades with confidence and discretion. Binance OTC supports all assets listed on our spot market, including direct pairs and cross pairs, totaling over 445 different crypto and fiat assets – one of the largest selection of OTC trading pairs in the industry.Key benefits include:Zero exchange fees and market-competitive spreads  Experienced traders managing orders with institutional-grade execution Access to the industry’s deepest liquidity poolsFlexible settlement options and no upper size limitsIn the coming months, we will publish a series of execution guides covering how to leverage our full suite of tools, including Request for Quote (RFQ) and Indication of Interest (IOI) workflows. Stay tuned, or reach out to your account manager to discuss these capabilities directly.Unlock Binance VIP Status Through OTC & Execution ServicesClients who execute a minimum of $200,000 in OTC volume within any rolling 30-day period will find themselves closer to qualifying for Binance VIP status. Being a Binance VIP grants exclusive access to lower, tier-based platform fees, dedicated key account coverage, 24/7 priority support, and more. Speak with your account manager to learn how OTC activity can accelerate your VIP progression.Final ThoughtsFebruary's market environment, marked by macro-driven volatility, rangebound BTC price action, and strong underlying institutional flows, reinforced the value of having a trusted, deeply liquid execution partner. Whether managing large spot accumulations, navigating complex token conversions, or seeking competitive pricing across a broad range of assets, Binance OTC & Execution Services is built to meet those needs with precision and discretion.We look forward to continuing to support your portfolio objectives as markets evolve. For bespoke execution support or to discuss the opportunities outlined in this digest, please contact your dedicated account manager or reach out to the OTC desk directly.Further ReadingBinance OTC & Execution Services Explained: How to Execute Large, Institutional-Level TradesIntroducing Binance Indication of Interest (IOI) – the Essential Liquidity Discovery Tool for Institutional Crypto TradersBinance Launches OTC VIP Program  What Is the Binance VIP Program? Benefits, Tiers & How to Join Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Options trading, in particular, is subject to high market risk and price volatility. Past performance is not a reliable predictor of future performance. There is no guarantee that an IOI will result in a binding transaction. An IOI is not a market order. Binance does not act as your adviser or agent. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use and Risk Warning.

This is a general blog. Products and services referred to here may not be available in your region.Main TakeawaysBinance is lowering key eligibility thresholds for VIP 1-3 levels, making it easier for active users to qualify and expanding access to VIP benefits, such as preferential fees and tailored support, while keeping recognition tied to meaningful participation.The update aligns VIP criteria with how users trade, invest, and allocate capital today across Spot, Futures, Earn/holding, and loans, so more users can unlock the VIP experience through the activity mix most relevant to them.The refreshed program balances two priorities: rewarding long-term VIPs and creating a more attainable pathway for the next generation of scaling users.As our ecosystem grows, so does the sophistication of our users. Capital is deployed across a broader range of products, trading strategies become more structured, and meaningful engagement spans well beyond a single touchpoint. To better recognize this evolution, we've updated key VIP Program eligibility criteria, making it easier to identify and support high-value users earlier in their journey, while keeping tier recognition firmly tied to sustained, measurable engagement across the platform.What Is the Binance VIP Program?Binance VIP is our tiered program designed for users operating at higher levels of activity across trading, loans, and asset holdings. It provides the following benefits:Preferential fee rates across Spot, Futures, Loan, and Market Maker ProgramsDedicated account management, 24/7 VIP customer service, and tailored supportAccess to enhanced products, services and infrastructureStructured recognition for sustained participation: exclusive events, experiences, and swagThe program is both a performance-based tiering system and a long-term relationship framework. It recognizes users who contribute meaningful liquidity, deploy capital at scale, or maintain significant engagement across Binance products. As the market evolves, so must the criteria that define that engagement.Why We’re Updating VIP Criteria NowVIP thresholds should reflect real participation under current market conditions rather than snapshots from prior cycles.This update ensures VIP status continues to represent meaningful engagement without becoming disconnected from the structure of today’s crypto ecosystem.Binance VIP Program Updates 1) Lower BNB holding requirements (VIP 1–3)We have reduced BNB holding thresholds and standardized them across qualification paths, whether you participate as a Holder, Trader, or Borrower.VIP Level*Required BNB BeforeRequired BNB AfterVIP 1255VIP 210025VIP 3250100BNB remains a core asset within the Binance ecosystem, and it has historically played a significant role in VIP qualification. By lowering these thresholds, we’re creating a more practical progression path into VIP for users who are steadily scaling activity, without turning BNB requirements into a bottleneck.This is part of a broader vision to reduce avoidable friction while keeping VIP tiering based on clear, measurable engagement. On top of that, when VIPs subscribe to BNB Simple Earn, they qualify for additional airdrop opportunities. 2) Lower Futures trading volume requirements with calibrated fees (VIP 1–3)We are also adjusting Futures eligibility thresholds and fees to better reflect current market structure and participation patterns.Required Futures Trading Volume*Trading Fees RateVIP Level BeforeAfterBeforeAfterVIP 115,000,0005,000,000Taker fee: 0.04%;Maker fee: 0.016%Taker fee: 0.05%;Maker fee: 0.018%VIP 250,000,00010,000,000Taker fee: 0.035%;Maker fee: 0.014%Taker fee: 0.04%;Maker fee: 0.016%VIP 3100,000,00050,000,000Taker fee: 0.032%;Maker fee: 0.012%No Change* Required Futures Trading Volume is based on 30d rolling Futures total volume in USD value.Derivatives markets evolve quickly. Liquidity profiles, hedging strategies, and capital efficiency considerations shift from cycle to cycle. By recalibrating these thresholds, VIP recognition better aligns with how futures markets are used today, without diluting the performance-based nature of the program. This ensures that meaningful participation remains the standard, but the measurement reflects current realities.3) New VIP criteria for holders, with expanded eligible VIP levels Users qualifying for VIP through holding or investing will now move under a new VIP eligibility framework. This applies across Binance Earn products, including:Simple EarnETH & SOL StakingOn-Chain YieldsSoft StakingRWUSDDual InvestmentDiscount BuyBFUSDThis supports more flexible capital allocation across products and helps users maintain the highest VIP tier they qualify for, regardless of how they structure their activity.Importantly, BNB is now included more consistently in overall asset calculations, reinforcing its role within the ecosystem while simplifying the qualification model. The result is a cleaner, more coherent VIP structure that recognizes diversified participation rather than forcing users into narrow activity scenarios.In addition, the update expands eligible VIP tiers for holders and investors. With this change, users can now qualify for VIP 5–9 based on asset holdings, creating a clearer pathway for long-term holders and investors to reach higher VIP levels.Required Asset Holding*Required BNB Holdings VIP Level BeforeAfterBeforeAfterVIP 1500,000100,00025 BNB5 BNBVIP 21,500,000200,000100 BNB25 BNBVIP 33,000,0003,000,000250 BNB100 BNBVIP 46,000,0006,000,000500 BNB500 BNBVIP 5N/A50,000,000N/A1,000 BNBVIP 6N/A100,000,000N/A1,750 BNBVIP 7N/A200,000,000N/A3,000 BNBVIP 8N/A500,000,000N/A4,500 BNBVIP 9N/A1,000,000,000N/A5,500 BNB* Average Net Asset Amount (USD) refers to the higher of the 30-day average net assets or the previous day's net assets, where applicable.4. Introducing VIP Rising Star Program We’re introducing VIP Rising Star to recognize and support high-potential users on the path to Binance VIP status.Users who maintain a 30-day average net asset balance of USD 30,000 (including 5 BNB) or more will receive this exclusive designation, created for engaged, growing holders who haven’t yet unlocked full VIP benefits.VIP Rising Star members will also receive personalized support, invitations to curated events, and exclusive opportunities designed to help accelerate their journey to Binance VIP, while being rewarded along the way. No registration is required: eligibility is assessed automatically. What Binance VIP Means in PracticeVIP status is often described in terms of tier levels, but for many users, its value lies in operational alignment. VIP membership represents:Lower fees at scaleTiered fee discounts across products, including spot fee reductions of up to 80%Potential for additional fee savings when holding BNBBespoke solutionsTrading solutions aligned with your strategy, liquidity needs, and operational setupInvestment solutions designed to perform across different market conditions1:1 onboarding and white-glove serviceSupport from world-class crypto-native and institutional specialistsGuidance from onboarding and account configuration to advanced integrationsHigher, customizable limitsConfigurable Spot and Futures rate limitsHigher withdrawal limits, sub-accounts, and elevated API thresholds to support growthDedicated 24/7 priority supportAlways-on priority support, including 24/7 Human Agent for Customer Service Enhanced Key Account Coverage at higher VIP tiersVIP-only insights and updatesExclusive research, market intelligence, and early product updates for VIP membersInvite-only experiencesAccess to VIP-only gatherings, industry events, and curated community campaignsOpportunities to connect with other VIPs and the Binance teamVIP-only features (App & Web)Dedicated hubs: My VIP (App) and VIP Portal (Web)Track tier status, fees, and benefits; access dashboards, analytics, and reporting; connect with account coverageMilestone recognitionLimited-edition VIP swag and curated gift packs for key milestones, seasonal moments, and special campaignsIn sum, Binance VIP exists to support users operating at scale, while recognizing that scale itself looks different and is more diverse than it was several years ago.Final ThoughtsCrypto is entering a more structured, globally integrated phase. Participation has broadened, and today, users trade, hedge, hold, invest, and allocate capital across products more dynamically than ever before.This Binance VIP update lowers key thresholds for VIP 1–3 levels, unifies holder and investor pathways, includes BNB more consistently in asset calculations, and recalibrates Futures volume requirements – expanding access to the VIP experience and enhancing benefits for more qualifying users as they scale.The goal is to keep Binance VIP aligned with real-world participation: accessible enough to remain a realistic milestone, yet rigorous enough to continue recognizing meaningful engagement. As crypto evolves, so will the program designed to support its most active participants.Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.Disclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysBTC miners often face a tough choice between selling newly mined BTC to cover operating costs or holding it for potential future upside.Binance Loans let miners borrow USDT or USDC using BTC as collateral, helping manage cash flow without selling holdings.In this blog, we’ll explore three options for different needs: Flexible Loans support short-term needs, Fixed Rate Loans add predictability for planning, and VIP Loans supportsing larger-scale operations with additional features.Bitcoin miners constantly face a tough trade-off: sell newly mined BTC to cover operating costs, or HODL and stay exposed to potential upside. When margins are tight, that choice can force miners to liquidate at the worst possible time. This blog explores how Binance Loans can offer a solution for such scenarios, unlocking stablecoin liquidity using BTC as collateral so miners can fund expenses, keep rigs running, and preserve long-term exposure.The Miner's Dilemma: Sell or HODL?For many retail BTC miners, part of the daily work is constantly deciding what to do with newly minted Bitcoin. When BTC prices hover near production costs, this decision becomes even more consequential. Selling immediately provides the liquidity needed to cover electricity, hardware maintenance, and other operational expenses. Yet doing so means giving up potential upside if BTC appreciates in the future. Holding mined BTC preserves that upside but can place significant strain on cash flow, particularly during periods of low hashprice or market downturns.As a result, most miners are often forced to prioritize short-term survival over long-term strategy – liquidating assets they would otherwise prefer to hold.Binance Loans: A Smarter Way to Fund Your MiningBinance Loans can support miners by bridging this gap between operational needs and long-term conviction. By allowing users to use existing crypto assets (such as BTC) as collateral to borrow stablecoins like USDT or USDC, Binance Loans provide immediate liquidity to cover operational expenses and maintenance.This means miners can keep their operations running without being forced to sell their newly mined BTC during unfavorable market conditions. Instead of sacrificing long-term potential for short-term cash flow, miners gain more flexibility with Binance Loans, staying operational while preserving exposure to Bitcoin’s future upside. Below are several Binance Loans options tailored to meet the needs of different miners.1. Flexible Loans: On-Demand LiquidityBuilt for short-term liquidity, Binance Flexible Loans help miners manage unexpected costs or cash flow gaps to keep operations running without selling BTC.Key features include:Borrow and Repay Anytime: With no fixed terms, you can borrow and repay whenever your needs change, starting from as little as $1 equivalent.No Transaction Fees: Enjoy a seamless borrowing experience without additional charges.Earn Rewards on Collateral: Your pledged collateral can continue earning real-time APR through Simple Earn Flexible Products, helping you generate yield while accessing liquidity.2. Fixed Rate Loans: Predictable RepaymentFor miners who prioritize stability, Binance Fixed Rate Loans offer predictable borrowing costs, allowing you to focus on maximizing mining efficiency without getting distracted by rate fluctuations.Key features include:Lock in Fixed Interest Rates: Choose from a range of collateral tokens and customize your loan’s interest rate, duration, and amount. This helps reduce interest rate volatility and provides clear and predictable borrowing costs.Manage Long-Term Operations: Cover recurring operational expenses or plan future hardware upgrades, with loan costs known upfront.3. VIP Loans: Institutional-Grade Solutions for High-Volume MinersDesigned with high-volume and institutional miners in mind, Binance VIP Loans offer tailored financing for borrowers meeting VIP criteria with loans of $500,000 or more – unlocking greater flexibility and control at scale.Key features include:Enhanced Loan-to-Value (LTV) Ratios: Access more favorable LTV thresholds (for example, 72% / 77% / 91% for Initial / Margin Call / Liquidation), which can increase your borrowing capacity.Full freedom to use loan proceeds and collateral assets: You can use loan proceeds for your needs, including Spot, Margin, or Futures trading, Earn subscriptions, or withdrawals. Eligible collateral assets can also be traded on Spot as long as the LTV stays below the margin call level (only designated collateral tokens count toward LTV calculations).Delay liquidation: If your LTV reaches the liquidation level, you get a 24-hour grace period to add collateral and bring your LTV back down to the Initial LTV level. Binance may only proceed with liquidation immediately if your LTV exceeds 95%Quick Comparison of Binance Loan ProductsFeatureFlexible LoansFixed Rate LoansVIP LoansDurationFlexible termFixed termFixed and Flexible termsInterest RatePredetermined ratesSelectable ratesPredetermined ratesCollateral AssetsLocked in your Simple Earn AccountManaged by BinanceStored in your Spot AccountSelectable collateral AssetsSingle asset per orderMultiple assets supportedMultiple assets supportedMinimum Borrow Amount$1 equivalent$50,000 equivalent$500,000 equivalentMain AdvantageRepay anytime; earn rewards on collateralPredictable costsTrade collateral; high limitsHow a Flexible Loan Can WorkBelow is an illustrative example of how a Flexible Loan could work for a BTC miner. The assumptions reflect market rates at the time of writing and are for illustration only.Miner’s Asset: 0.1 BTCCurrent BTC price: $68,000 per BTCCollateral Value: 0.1 BTC = $6,800Binance Flexible Loan Initial LTV for BTC: 78%Annual Interest Rate for USDT Loan: 3.12%Step 1: Taking the LoanThe miner pledges their 0.1 BTC as collateral. Based on the 78% Initial LTV, they can borrow up to:  $6,800 (Collateral Value) x 78% (LTC) = $5,304 USDTThis provides immediate cashflow to cover any operational costs like electricity, maintenance, and mining fleet upgrade, without selling any BTC.Step 2: Understanding the CostsThe loan accrues interest daily, with an annual rate of 3.12%. The cost of loan:Daily Interest: $5,304 (Loam amount) x 3.12% / 365 Days = $0.45Monthly Interest (30 days): $0.45 x 30 = $13.60These costs may be significantly lower than the potential opportunity cost of selling BTC if miners expect future BTC prices to be higher.The Upside ScenarioNext, we compare the two scenarios after one month under the assumption that BTC rises 25% to $85,000.ScenarioActionOutcomeNet ResultA: Sell BTC ImmediatelyThe miner sells 0.1 BTC at $68,000.The miner receives $6,800No further upside from BTC appreciation.B: Use Flexible Loan & HODLBorrows $5,304 USDT against 0.1 BTC. Uses USDT for expenses. After 1 month, sells BTC at $85,000 to repay the loan.Sells 0.1 BTC at $85,000Repays $5,304 loan + $13.60 interest and keeps the difference.$8,500 - $5,304 - $13.60 = $3,182.40 remaining + $5,304 already used for expenses. Total value captured: $8,486.40 vs $6,800 from selling immediately. That's $1,686.40 more (+24.8%).The ResultBy using Flexible Loan, the miner captured the upside of BTC price increase, resulting in a net gain of $1,686.40 (+24.8%) compared to selling immediately. This strategy allows miners to manage short-term costs while preserving their long-term investment in BTC.*Please note that using BTC as collateral to borrow USDT involves the risk of liquidation if the BTC price declines and the loan‑to‑value (LTV) ratio exceeds the platform’s liquidation threshold. This case study assumes a BTC price increase for illustration purposes only. In the event of a price decrease, borrowers may be required to add collateral or repay part of the loan to prevent liquidation. Market conditions can change, and users should be aware of the potential downside risks.Final ThoughtsBinance Loans can help miners turn mined BTC into working capital without needing to sell it. By using BTC as collateral, it becomes possible to fund operating costs, upgrade equipment, or manage short-term cash flow while keeping long-term exposure intact. For miners focused on staying efficient through market swings, Binance Loans can provide practical liquidity while helping maintain long-term conviction and keep operations running.Further ReadingsBoost Your Rewards with Mining and Binance EarnIntroduction to Binance LoansBeyond the Hashrate – A Binance Guide to Pool Payouts and ProfitabilityDisclaimer and Risk Warning: Digital assets are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. This product may not be available in certain countries and to certain users. This content is not intended for users/countries to which prohibitions/restrictions apply. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysBinance Academy’s new introductory course walks beginners through crypto safety basics to help avoid common scams.The 31-minute course teaches you how to interpret on-chain activity, recognize common risks, and navigate emerging trends such as meme tokens.Users will learn how to perform essential safety checks and a beginner's due-diligence process, enabling them to approach Web3 projects more responsibly.In Web3, anyone can launch a token or deploy a smart contract, so it’s easy for scams and misleading claims to spread fast. On-chain analysis helps you verify key details directly on the blockchain, from wallet activity and token distribution to liquidity and contract behavior. A new beginner-friendly course on Binance Academy teaches you how to use explorers and simple checks to spot red flags before you interact or invest.Why On-Chain Analysis Matters for Web3 SafetyScams, phishing attacks, and fake token contracts are common risks in the crypto space, often designed to trick users into connecting their wallets or sending funds. Rug pulls, where developers launch a token and later remove liquidity or abandon the project, are another type of threat.Practicing basic due diligence, such as reviewing distribution and liquidity conditions before investing, helps reduce risks. Instead of relying solely on marketing claims or social media hype, on-chain data lets users verify information directly.Because blockchain networks are transparent, every transaction, wallet interaction, and smart contract activity can be publicly verified. This transparency is one of the key advantages of blockchain technology and an important skill for anyone navigating the crypto ecosystem.About the Course: On-Chain Analysis for BeginnersBinance Academy’s new 31-minute introductory course is designed for newcomers to the crypto space, as well as seasoned users who want to learn more about reading and verifying blockchain data. The course covers the basics of blockchain explorers, safety practices, and project evaluation in seven easy-to-follow modules and interactive quizzes.By the end of the course, you will be able to:Navigate blockchain explorers: Look up transactions, wallet activity, and smart contract details using tools like BscScan.Identify security risks: Recognize common scams, fake token contracts, and rug pulls, and take steps to protect your assets.Conduct basic due diligence: Review a project's tokenomics, team background, and audit history to spot potential red flags.Evaluate meme tokens with caution: Assess holder distribution, liquidity conditions, and contract permissions instead of relying on hype and marketing claims.After completing the lessons and assessments, users will receive a certificate of completion to mark their achievement.Key Concepts You'll MasterOn-chain analysis involves examining data that is permanently recorded on a blockchain. This allows users to track token transfers, analyze contract interactions, and review how tokens are distributed among holders.How Blockchain Explorers Work Blockchain explorers function like search engines for blockchain data. They provide an easy way to look up transactions, wallet addresses, and token contracts through a user-friendly interface. This course will show you how blockchain explorers like BscScan function as search engines for the blockchain.By entering a wallet address, transaction hash, or contract address into BscScan, users can view transaction histories, token balances, holder distribution, and smart contract details. This visibility allows anyone to independently verify claims about a project, such as liquidity status or token distribution.Always verify official links, double-check token contract addresses, and be cautious of offers promising guaranteed profits.Building Your Research FundamentalsBefore interacting with a crypto project, it’s important to review key fundamentals. One of the first areas this course covers is tokenomics, which includes the total supply, circulating supply, and how tokens are allocated among the team, investors, and the community. You will learn to move beyond promotional claims by reviewing key fundamentals. Other important factors include the project’s team, transparency, and security practices. Checking whether the team is credible, whether the smart contracts have undergone audits, and whether the roadmap and use case are realistic can help identify legitimate projects and avoid potential red flags.Meme Tokens: Analyzing Them ResponsiblyMeme tokens are a popular part of crypto culture and often gain attention through viral content and strong online communities. However, some meme tokens rely heavily on hype rather than utility, which makes them highly speculative. When evaluating meme tokens, it’s important to examine factors like holder distribution, liquidity conditions, and contract permissions.In this course, you’ll learn how to approach meme tokens carefully by understanding their risks, trends, and characteristics.Final ThoughtsOn-chain analysis is a practical skill that helps users verify information and make more informed decisions in the crypto space. Following simple, repeatable due-diligence steps before interacting with tokens or smart contracts can make a big difference in protecting your assets.For those who want to learn these concepts in a structured way, On-Chain Analysis for Beginners provides a quick and accessible introduction. Check out the course today to brush up on essential skills and avoid exposure to common risks.Further ReadingBinance Academy and Injective Launch a New Course on Blockchain Use in Web3 FinanceBinance Academy and Marlin Foundation Launch Free Course on Off-chain ComputingBinance Academy Launches Intermediate-Level Courses to Help Drive Web3 EducationDisclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the content is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysIf you are trading over $200,000 in stablecoins, Binance OTC & Execution Services can provide competitive rates and faster settlement while reducing price slippage compared to executing the same size on the open market..You can choose between RFQ (immediate quote) or bespoke execution (managed strategy), depending on urgency and complexity.Trades are pre-funded and settled directly into your Binance Spot Account — typically within minutes after confirmation.Executing a large stablecoin on- or off-ramp trade is different from placing a small spot order. If you submit a large visible order during volatile conditions, you may experience increased execution uncertainty such as slippage and partial fills, and run the risk of information leakage (market signaling).Binance OTC and Execution Services is designed precisely to avoid this by helping clients execute large trades off the public order book, with pricing agreed before trading, including for on/off-ramping with stablecoins.  This guide explains how Binance OTC and Execution Services can help you get started on executing large stablecoin trades more efficiently, and when each execution method is most appropriate.How Do Clients Use Binance OTC & Execution ServicesBinance’s OTC & Execution Services desk caters to a diverse range of clients, from institutional investors and professional traders to high-net-worth individuals and corporate treasuries worldwide. Our clients engage in sizable transactions, frequently converting stablecoins to fiat currencies, and vice versa. Entry level stablecoin trades range between $200,000 and $400,000, while some single transactions reach several million dollars.One of the desk’s notably popular trades is selling MXN to buy USDT/USC, reflecting strong demand for stablecoin on-ramps in Latin America. Other common stablecoin trades we see on the desk are: USDT <> USDUSDT/USDC <> BHDEUR <> EURIRecently, we also supported a client seeking to quickly and securely sell USDT for EUR. The client needed a swift off-ramp for their stablecoin holdings. Leveraging Binance’s deep liquidity, competitive spreads, and rapid settlement capabilities, we facilitated the transaction seamlessly. Our pricing delivered a spread less than half of what is typically offered on spot markets, helping the client preserve returns by minimizing price slippage. The entire settlement was completed within 10 minutes in their Spot Account, ensuring timely access to funds and enabling prompt payment processing.Benefits of Binance OTC and Execution Services for Stablecoin On/Off-RampsFor large stablecoin conversions, Binance's services give you great execution quality, confidentiality, and operational control, as described in the example above.Binance OTC and Execution Services offer:Zero exchange fees: Competitive pricing with zero exchange fees (per the program’s OTC fee structure).Deep Liquidity access: Priced through a broad liquidity network to support large tickets.Wide asset coverage: Supports all assets listed on Binance Spot, including direct pairs and cross pairs, across more than 445 crypto, stablecoin, and fiat assets.No slippage risk: You are not placing a large, visible order into the exchange order book, so you know the exact price point you are getting for your order. No information leakage: Off-orderbook execution reduces signaling and front-running risk for large trades.Flexible settlement: Settlement can be as quick as 15 minutes while external off-ramp providers could have longer settlement timelines.High-touch experience: Dedicated relationship support and access to experienced OTC traders.How to Get Started with Binance OTC and Execution ServicesStep 1: Choose the Right MethodBinance OTC & Execution Services supports two main execution paths for on/off-ramping trades. The right choice depends on whether you need immediate execution, a target price, a lower market footprint, or a fully managed approach.1) Request-for-Quote (RFQ)RFQ is the most direct path when you want an executable price now. You initiate a Spot RFQ and receive indicative pricing sourced from Binance’s global liquidity network. Once we aggregate liquidity for best execution, you will receive a firm quote you can accept for immediate action. Settlement can be as fast as 15 minutes. See below the steps to initiate a Spot RFQ. For first-time requests, identity, email verification, and account checks may apply.Prepare Trade DetailsSpecify the pair, direction, and size. Example: “Buy 1,000,000 EUR to USDC” Ensure Funds are AvailableAssets must already be in your Spot Account to request a firm or live quote. You may request an indicative quote before funding the assets in your Spot Account, but pricing may change later.Request a Live QuoteOnce funds are confirmed, request a live executable quote.Accept or DeclineReply “done” to accept. Reply “pass” to decline.SettlementThe assets you are using to fund your trade are frozen immediately, and the bilateral settlement takes place in your Spot Account within 15 to 20 minutes. 2) Bespoke execution (high-touch, custom strategy)For sensitive or complex trades, leave it with our OTC desk of experienced traders, who will create a tailored strategy for a fully bespoke experience. This is useful when you need a specific execution window, discretion, custom pricing logic, or guidance on how to structure the trade. One of the many tools used by the desk is our proprietary advanced execution algorithms.Step 2: Confirm Operational RequirementsBefore using Binance OTC and Execution Services, ensure the following:You must have a registered Binance account.Assets must be pre-funded in your Binance Spot Account.Settlement occurs only in your Binance Spot Account, unless otherwise agreed by Binance.You should always follow the specific settlement instructions provided to you through the Binance Platform.Minimum trade size typically starts from $200,000 (or equivalent). Smaller sizes may be supported on a case-by-case basis.OTC trading hours are 24/5, weekend support is available with prior notice.Fiat on- and off-ramping is supported through existing Binance fiat channels only.Step 3: Contact Binance OTC and Execution ServicesYou can access the desk through multiple channels:Web or desktop: Go to OTC Trading Platform under VIP and Institutional Portal, with built-in chat to contact the desk.App: Open the Binance App (ensure you are on the "Pro" interface)and navigate to the search bar on the homepage. Type “OTC” to discover OTC services. You can also reach out to the Trading team via: Telegram: @Binance_OTC_Desk or through trading@binance.com.Unlock Binance VIP Status Through OTC VolumeClients who execute a minimum of $200,000 in OTC volume within any rolling 30-day period will find themselves closer to qualifying for Binance VIP status. Being a Binance VIP grants exclusive access to lower, tier-based platform fees, dedicated key account coverage, 24/7 priority support, and more, depending on your tier and eligibility.Final ThoughtsLarge stablecoin on-and-off-ramping is mostly about execution discipline: controlling slippage, protecting confidentiality, and settling quickly when timing matters. Binance OTC and Execution Services does exactly this, with multiple execution paths and real trader guidance.Further ReadingBinance OTC & Execution Services Explained: How to Execute Large, Institutional-Level TradesBinance OTC & Execution Services Insights – February 2026Binance Execution Services - Faster, More Efficient Trading for Large-Volume Crypto OrdersDisclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Options trading, in particular, is subject to high market risk and price volatility. Past performance is not a reliable predictor of future performance. There is no guarantee that an IOI will result in a binding transaction. An IOI is not a market order. Binance does not act as your adviser or agent. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use and Risk Warning.

Products mentioned may not be available in your region. Terms and conditions apply. Main TakeawaysBinance is extending the 24/7 crypto trading model to traditional financial assets, enabling round-the-clock access to TradFi perpetuals with competitive fees and USDT settlement.Early adoption shows strong engagement, with over $153 billion in cumulative trading volume and more than 114 million trades, reflecting both speculative activity and portfolio management.By connecting fragmented global markets on a single platform, Binance bridges traditional and digital finance, making trading more accessible and moving toward a one-stop shop for diversified investing.In traditional finance, markets close after regular trading hours and on weekends. In crypto, they don’t. The digital-asset industry changed the old paradigm by building infrastructure for a truly global, always-on marketplace where trading continues around the clock.Now, this 24/7 model, built on digital-native rails, is beginning to extend beyond digital assets. As crypto infrastructure matures, platforms are exploring ways to bring traditional financial instruments into the same continuous trading environment. In this blog, we’ll break down how this works on Binance, dive into early data showing its rising popularity, and explore the significance of this innovation.How Does TradFi Perpetuals Work on Binance 24/7?One of the hardest problems to solve in bringing traditional assets into a 24/7 environment is pricing: when the underlying market is closed, there’s no continuous stream of spot trades to anchor the price, even though traders still want to express views and manage risk.On Binance, during traditional trading hours, the Price Index updates every second with live market data, while the Mark Price uses the median of key price indicators for accurate price discovery. Outside these hours, the Price Index holds the last calculated value to keep prices stable, and the Mark Price shifts to a smoothed futures price using an Exponentially Weighted Moving Average (EWMA) to prevent sudden spikes. This approach enables traders to access 24/7 TradFi perpetuals on Binance, with USDT settlement, competitive fees, and no contract rollovers, all through a single, seamless platform.Early Numbers Point to Strong DemandTradFi Perpetual Futures Cumulative Trading Activity on BinanceTrading of Binance’s TradFi Perpetual Futures has seen remarkable growth since launch. Cumulative trading volume has already surpassed $153 billion, with more than 114 million individual trades executed. Investors now have access to a diverse lineup of assets, from precious metals like gold, silver, copper, palladium, and platinum to major equities including AMZN, COIN, CIRCL, HOOD, INTC, MSTR, PLTR, and TSLA, all seamlessly tradable 24/7 on Binance.Other third-party data also points to strong demand for always-on access to TradFi hedges. CoinMarketCap shows Binance comfortably leading the market with $851M and $988M in 24-hour gold and silver perpetual trading volume respectively (as of March 16, 2026) – almost 15x and 5.2x higher respectively than the next crypto-native trading platform.Binance: TradFi Perpetual Daily Number of TradesHigh trade counts reflect vibrant and active trading flows, showing that traders are not only speculating but also using these markets for hedging and portfolio management. In some periods, silver even surpassed gold in activity; for example, on February 2, total trades reached a record 6.3 million, including 3.7 million silver trades and 2.4 million gold trades. The heightened activity on Binance mirrored reactions in global markets, as traders responded in real time to news and corrections, capturing shifts in sentiment and price movements directly on our platform.From Fragmented Markets to a Connected EcosystemWe know the frustration: a breaking story or a geopolitical event rattles markets, but you can’t act because exchanges have closed for the day. Traders chasing opportunities in foreign markets often have to stay up at odd hours, meaning they’re not at their sharpest when it counts.By bringing traditional financial instruments to a 24/7 crypto-native platform, we aim to connect fragmented markets, bridge the gap between traditional and digital finance, and make trading more accessible, seamless, and appealing to a broader audience – and simultaneously move closer to a one-stop shop for diversified investing.Further ReadingFrom Exchange to Infrastructure – How Binance Underpins CryptoBinance Secures ISO 22301 Certification For Business Continuity ManagementUAE Enters The Phase of Blockchain as Institutional Infrastructure, The Blockchain Center Abu Dhabi and Binance Research FindsDisclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysPerpetual and deliverable futures contracts both let you trade price movements, but deliverable futures expire on a fixed date while perpetuals let you hold the contract indefinitely.While perpetuals have no expiry, funding payments are exchanged between longs and shorts (you may pay or receive), typically every 8 hours on many contracts. Deliverable futures, on the other hand, settle on an agreed date when the underlying assets are to be exchanged or delivered.Neither instrument is better by default. Always trade responsibly and with an amount you can afford to lose.Perpetual futures, also commonly known as perps, and deliverable futures are both derivatives, meaning they let you trade the price of an asset without owning it. Both perpetual and deliverable futures are available on Binance, can support leverage, and let you go long or short. The key difference between the two is how they handle time via expiry and price anchoring (funding).A Brief History of Perps and FuturesFutures contracts originated in agricultural markets as a practical hedging tool: farmers wanted to secure a fixed price for their crops before harvest, while merchants and processors wanted more certainty around future supply and costs. These agreements helped both sides manage price risk by locking in terms in advance. When these contracts expired, the actual commodity was physically delivered — hence the name deliverable futures. In traditional finance (TradFi), deliverable futures are commonly referred to as dated futures, or simply futures.Perpetual futures removed the friction of having to renew contracts for those who wanted to maintain exposure past expiry. First proposed conceptually by economist Robert Shiller in 1992 and later popularized by crypto exchanges, perps replace expiry with a funding rate mechanism that keeps prices anchored to spot. Perps quickly became the dominant form of crypto futures trading, where markets are 24/7 and fully digital.What are Futures Contracts?A futures contract is an agreement to buy or sell an asset at a specific price on a specific date known as the expiry. When it arrives, the contract settles automatically and your profit or loss is calculated based on the difference between your entry price and the settlement price.Let’s say you put $500 into a long BTCUSDT quarterly futures position with 10x leverage and an April expiry. That gives you $5,000 of exposure. If BTC rises 10% by expiry, your position gains $500, doubling your initial $500, excluding fees. If BTC drops 10%, you lose your entire $500. In practice, liquidation can occur before a full -10% move, depending on maintenance margin and fees.If you want to maintain exposure beyond expiry, you need to close the expiring contract and open a new one with a later date. What Are Perpetual Futures Contracts?A perpetual futures contract works the same way as deliverable futures contracts except it never expires. You open a position and hold it for as long as you want, and close it whenever you choose.Using the same example, you put $500 into a long BTCUSDT perpetual position with 10x leverage. If BTC rises 10%, you're up $500, minus any applicable fees. If it drops 10%, your margin is gone. Because there's no expiry date, there's no natural point where the contract price converges with the spot price. Perpetual contracts solve this with a funding rate: a payment exchanged directly between long and short holders, typically every eight hours, at 00:00, 08:00, and 16:00 UTC. Binance does not take a cut of these payments. Note that in volatile situations, exchanges can change the frequency to hourly, or every four hours.The direction of the payment depends on where the contract price sits relative to the spot price. When the futures contract trades above spot the funding rate is positive and longs pay shorts. When it trades below Spot, the rate turns negative and shorts pay longs. In both cases, the payment is designed to keep contract prices aligned with spot.The fee is calculated on the full notional value of your position, not just your margin. If you have a $5,000 notional long position ($500 with 10x leverage) and the funding rate is +0.002%, you owe $0.10 per interval. That would equal to $1 per day across three payments. Before you enter a position, you can view the current rate and the countdown to the next payment on the trading interface.Start Trading on Binance FuturesKey Differences Between Perps and Deliverable FuturesFeaturePerpetual FuturesDeliverable FuturesExpiryNo expiry — hold indefinitelyFixed expiry date (e.g., quarterly or bi-quarterly)SettlementNo settlement; position stays open until you close itAutomatically settles at expiry based on settlement priceMaintaining exposureNo action needed — position stays openRequires rollover: close expiring contract, open a new one at a later datePrice anchoring mechanismFunding rate — recurring payments between longs and shorts (typically every 8 hours)Natural convergence to spot price as expiry approachesRecurring costsFunding payments can accumulate over time and spike during volatile markets No funding rate; costs limited to trading and rollover fees if extending exposureTradFi Perpetuals: Perps for Stocks and CommoditiesPerpetual contracts on Binance aren't limited to crypto. TradFi Perpetuals apply the same mechanics to traditional assets — currently gold (XAUUSDT), silver (XAGUSDT), and select stocks. Availability and the supported symbols vary by region and may change.If you’re familiar with crypto perps on Binance, TradFi Perpetuals use the same interface, order types, and trading tools. For a full breakdown of how TradFi Perpetuals handle pricing and funding, check out our TradFi Perpetuals FAQ guide.Perps or Deliverable Futures: Which One Should You Use?Neither choice is better than the other. Whichever instrument you choose depends on time horizon, funding sensitivity, and your hedging needs. If you want to hold a position indefinitely without managing expiry dates and rollovers, perpetual contracts are for you. If you want exposure tied to a specific future date, or you're hedging through a known event date, standard deliverable futures would be a more suitable choice.Note that both instruments support leverage, and leverage amplifies losses with the same force it amplifies gains. A 10x leveraged long that rises 10% doubles your margin, but also wipes it out entirely if it drops 10%. This applies equally to both perpetual and deliverable futures.If you're new to derivatives, start with low leverage and small positions. Binance offers a demo trading mode where you can practice with simulated funds before committing real capital.Getting Started with Binance FuturesBoth perpetual futures and deliverable futures are available in Binance Futures. Open the Futures interface and you'll find tabs for USDⓈ-M Futures, which includes perpetuals, quarterly delivery, and bi-quarterly (6-month) delivery contracts for BTC and ETH.Start Trading on Binance FuturesFurther ReadingWhat Are Perpetual Futures and Quarterly FuturesDifferences Between Perpetual Contract and Traditional Futures ContractDisclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. TradFi Perps are subject to high market risk and price volatility (particularly outside traditional market hours). You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. TradFi Perps do not represent ownership of the relevant underlying asset. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Clearing Rules, Clearing Procedures, Contract Specifications and Risk Warning.Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.

Main TakeawaysA U.S. federal court in Alabama has dismissed all claims against Binance in a lawsuit brought under the Anti-Terrorism Act.The ruling comes just days after a separate U.S. federal court in the Southern District of New York also dismissed all ATA claims against Binance.Together, the two decisions reinforce that serious allegations require legal rigor and due process.Binance has secured its second major legal victory in the United States under the Anti-Terrorism Act (ATA) in just two weeks.A U.S. federal court in Alabama has dismissed all claims against Binance in a lawsuit alleging violations of the ATA. The decision follows closely on the heels of Binance’s recent victory in the Southern District of New York, where a federal court likewise dismissed all claims against the company in a separate ATA case.Taken together, the two rulings mark an important legal moment for Binance. They show that courts reviewing these claims have found them wanting on both the facts and the law, and they reinforce that allegations involving sanctions compliance and terrorism financing are serious matters that must be backed by evidence rather than rhetoric and speculation.A Full and Complete Legal VictoryIn a detailed 19-page ruling, the Alabama court found the plaintiffs’ complaint to be legally and factually deficient and dismissed all claims against Binance.The judge described the filing as a “shotgun pleading,” finding that it failed to clearly specify the claims and improperly grouped all defendants together without distinguishing individual conduct or liability. The ruling also emphasized that the plaintiffs did not meet the basic pleading standard to provide a “short and plain statement” of their claims.The court granted the plaintiffs until April 10, 2026, to file an amended complaint addressing the deficiencies identified. At the same time, the judge warned that failure to adequately address those issues would result in dismissal of the entire case.Building on Binance’s Earlier New York VictoryThis latest outcome builds on Binance’s comprehensive victory in New York earlier this month.In that case, a U.S. federal court in the Southern District of New York dismissed all ATA claims brought against Binance by 535 plaintiffs who alleged that the company had provided material support related to 64 terrorist attacks. In a 62-page decision, the court found that the plaintiffs had failed to establish any of their central allegations, including claims that Binance assisted terrorists, associated itself with terrorist attacks, participated in or sought to advance those attacks, or engaged in any conspiracy with terrorist organizations.Together, the New York and Alabama decisions underscore that courts have now examined similar accusations against Binance on two separate occasions and found them insufficient.Upholding Legal IntegrityEleanor Hughes, Binance’s General Counsel, said: “Sanctions compliance and terrorism financing are serious matters of law: they require evidence, legal rigour, and due process. Courts have now examined these claims on two separate occasions and found them to be without merit. These outcomes speak for themselves. We will not tolerate attempts to misuse the legal system to target our industry, and we remain as committed as ever to transparency, security, and lawful conduct in everything we do.”The earlier New York ruling also prompted a strong response from Hughes. “This dismissal is a complete vindication of all false allegations,” she said at the time. “The court has unambiguously rejected the false and damaging narrative that Binance assisted terrorists. We have always maintained that these claims were without merit, and today’s ruling confirms that.”She added that Binance will continue to defend itself aggressively against any litigation or reporting that misrepresents who we are and how we operate.Continuing to Invest in Compliance and GovernanceBinance has consistently invested in industry-leading compliance infrastructure, regulatory engagement, and legal governance. We will continue to vigorously defend itself against attempts to bring unfounded claims or misrepresent our operations.Beyond being important legal wins for Binance, these two rulings also reaffirm the importance of due process and factual scrutiny in an industry where serious issues like terrorism financing and sanctions compliance demand precision and integrity.Further ReadingBinance Files Lawsuit Against The Wall Street Journal Over False and Defamatory ReportingWhat the New Reports Got Wrong and What Our Compliance Program Actually FoundBinance’s Formal Response to Recent Congressional Inquiry

Main TakeawaysFrom this guide, you’ll learn how to protect your Binance account, including how to use early alerts to stop mistakes before funds move.We’ll cover today’s most common scam and account takeover tactics – the two major security threats in today’s digital finance.Finally, you’ll see the simplest high-impact setups you can enable in minutes – biometrics, passkeys, and an Anti-Phishing Code – to build layered protection that still holds up when criminals get creative.Today, most security incidents in the digital finance space fall into two buckets: scams, where you are tricked into approving a transfer yourself, and account takeovers, where perpetrators seek to gain access enabling them to move your funds without your consent. Read on to understand common signs of these two types of attack, the early alerts that matter for disrupting them, and the simple account setups that add layered protection.Scams vs. Account Takeovers: What’s The Difference?A scam is a criminal scheme designed to trick a person into willingly sending funds to a scammer or knowingly granting access that enables the transfer. It relies on building trust by means of deception and later abusing this trust. Put simply, a criminal “talks” their victim into sending them money.An account takeover (ATO) attack represents a bad actor’s attempt to gain access through malicious means (for example, via planting malware) without the user’s knowledge or consent, and ultimately move funds without the victim knowingly approving the transfer. This is more akin to breaking into a safe using technical means and stealing the money. That said, ATO attacks also often start with fraudulent communication through which criminals attempt to get hold of account credentials or sneak in malware to “break into” the victim’s account.Scams to Watch Out forScams often rely on urgency and confusion to push you into clicking, scanning, or sharing before you have time to verify the source. Below are some common tactics we are seeing that you should watch out for.Impersonation and Fake Support Impersonation remains one of the criminals’ most persistent tactics. It includes tools like spoofed SMS messages, fake support numbers, lookalike websites, and social accounts that attackers use to pass for Binance representatives. The objective is to replace the channel you trust with one the scammer controls, then guide you into a risky action.In 2026, scammers may even impersonate support and pressure users to install a screen-sharing app. Once they have screen access, they either walk you through a withdrawal step by step or take control and initiate the withdrawal directly from your device.On-Chain Impersonation and Fraud On-chain impersonation and fraud counts on you to interact with the wrong platform or asset or send funds to the wrong destination. Common examples include lookalike tokens, fake airdrops, fake platforms, and deceptive projects.Investment ScamsInvestment scams can look like legitimate earning opportunities, but the goal is to get you to send funds to a wallet or platform the scammer controls. The pitch usually includes guaranteed returns, VIP tiers, or time-limited bonuses to create urgency, along with polished websites, fake endorsements, and screenshots of withdrawals to build credibility.Once you deposit, the scam shifts into extraction mode. Withdrawals are usually blocked with unreasonably hefty “taxes,” “gas fees,” or “unlock fees,” and you may be pressured to deposit more to “recover” your account. In many cases, the returns displayed are fabricated, and the platform disappears once enough funds have been collected.Ponzi Schemes Disguised as Job or TasksPonzi schemes disguised as jobs or task platforms promise high, consistent returns for completing simple actions or recruiting others. In reality, payouts come from new participants’ money rather than real profit. Once recruitment slows, the scheme collapses and late participants are left with losses.Common Account Takeover TacticsAccount takeovers often use urgency and confusion to push you into clicking, scanning, or sharing before you have time to verify the source, with the goal of compromising your account. Below are some common tactics to watch out for.PhishingPhishing remains one of the most common ways scammers target crypto users because it relies on urgency, pressure, and misplaced trust. We will break down three common phishing patterns, but the tactics do not stand still. Scammers constantly refine their scripts as users get more cautious. The best defense is staying skeptical of unexpected messages, verifying sources through official channels, and slowing down before you click, scan, or share anything.Fake support messages and links: Scammers impersonate “Binance support” on Telegram or via email, create urgency, and send a “verification” or “reset” link that leads to a fake site designed to steal your login credentials or 2FA codes.Apple ID phishing: Attackers send fake Apple SMS alerts to steal your Apple ID, then use access to iCloud-synced passwords, Face ID settings, or passkeys to break into your linked accounts, including Binance, and attempt unauthorized withdrawals.Malware via email attachments: Convincing emails (often with ZIP files or attachments) can automatically install malware on your device the moment you open them. You may not notice anything at first, but the malware can quietly steal your data, hijack your account or wallet activity, or compromise your device’s security settings by combining social engineering with technical exploitation with the goal of draining your funds.Face and QR ScamsDon’t get scanned and scammed. Scammers can pretend to be Binance support or personnel and either ask for a face video to “verify” you, or send a QR code disguised as a reward or update – ultimately giving them instant account access.Early Alerts From BinanceBinance may send early alerts if you are about to transfer funds to an address associated with scam activity. Do not ignore them. Pause, recheck the address, and think through whether you are being pressured into sending money, especially if someone claims to be Binance staff or customer support.Early Alerts on MobileEarly Alerts on DesktopWhen risk signals are high, Binance may temporarily pause withdrawals on the account. This is the final layer of defense, used as a hard stop in emergency situations to prevent an account from being emptied while we are verifying what’s happening. Withdrawals are only restored after security checks and confirmation from the account owner.Withdrawal Block on MobileSimple Setups to Protect YourselfA strong security setup is one of the most effective ways to prevent account takeovers before they start. Here are three updated ways to protect your account in 2026.Biometrics: Use face or fingerprint verification to add a strong, device-based layer that is harder to compromise than passwords or one-time codes.Passkeys: Add passwordless authentication that relies on cryptographic verification stored on your device, helping reduce the risk of phishing and SIM-swap attacks and making logins simpler across supported devices.Anti-Phishing Code: Set a 8-character code that appears in official Binance emails and notifications so you can quickly spot fake messages. In 2026, choosing just one security measure often is not enough as scams are evolving to be more complex. That’s why biometrics, passkeys, and an Anti-Phishing Code work best together, giving you layered protection.Security Tips: Verify First, Learn ContinuouslyRemember to also keep all account activity, security checks, and support conversations inside the Binance app or the official Binance website. If a message asks you to call a number, move to another app, or click an unfamiliar link, treat it as suspicious. When in doubt, use Binance Verify to confirm links, emails, and contacts, and follow Binance Risk Sniper on Square,  Binance Academy, plus our security blog series for ongoing scam updates and prevention tips.Final ThoughtsIf you’ve not reviewed your account security settings recently, take a few minutes to set up biometrics, enable passkeys where available, and add an Anti-Phishing Code. These measures help protect your account even if you receive a convincing message or click something you shouldn’t have. Scams evolve quickly, but staying informed through our security-related resources can help you recognize scams and account takeover attempts early and avoid costly mistakes.Further ReadingBinance’s 8-Level Defense Against Account TakeoversWeb3 Wallet Security – Stay SAFU with Binance MPC WalletBargain or Trap? – The True Cost of Second-Hand Binance Accounts

Main TakeawaysBinance has filed a lawsuit against The Wall Street Journal over false and defamatory reporting published on February 23, 2026.We filed to protect our reputation, correct the public record, and prevent misinformation from driving unnecessary confusion and distraction across the ecosystem.Binance’s compliance program is substantial, continuously improving, and measurable in its outcomes, including a 96.8% reduction in sanctions-related exposure as a share of total exchange volume from January 2024 to July 2025.On February 23, 2026, The Wall Street Journal published an article about Binance that contained false and defamatory statements. Today, Binance filed a complaint seeking vindication of its reputation and accountability for the harm those statements have caused, such as leading to government officials launching baseless and unnecessary inquiries into the company. The full document is available here.Why We FiledWe filed this complaint to shine the light of truth and to defend the trust our users, partners, and broader stakeholders place in Binance. When inaccurate reporting is repeated and amplified, the consequences are significant. It can create confusion, damage trust, misdirect attention away from substantive work, and trigger avoidable inquiries that consume time and resources across the public and private sectors.“We view this lawsuit as a necessary step to defend ourselves against misinformation, hold The Wall Street Journal accountable for prioritizing clicks over journalistic integrity, and address the significant reputational harm and business consequences that have resulted,” said Binance’s Global Head of Litigation, Dugan Bliss. “This type of reporting erodes trust in the broader industry and undermines the efforts of those who are committed to protecting users and advancing positive innovation.”  Bliss added, “We take immense pride in our industry-leading compliance program and remain unwavering in our commitment to upholding the highest standards. This reflects the trust placed in us by more than 300 million users worldwide, who rely on our world-class security measures and user protections every day.” Our Compliance Program, Built for Real-World RiskBinance operates a global platform that hundreds of millions of people use. That comes with responsibility, and we take it seriously. We have built one of the largest and most robust compliance programs in the digital-asset industry, investing hundreds of millions of dollars in talent, processes, infrastructure, and technology.Today, more than 1,500 individuals, nearly a quarter of our global workforce, support compliance, investigative, and risk functions across the company. This includes specialists trained in sanctions compliance, counter-terrorist financing, financial crime investigations, and complex on-chain tracing.Our compliance approach is operational and repeatable: when there is credible risk information, we investigate, mitigate, offboard where appropriate, and report to relevant authorities. This work is supported by extensive tooling across customer due diligence, transaction monitoring, sanctions screening, behavioral analytics, and investigations workflows. We also continually strengthen geolocation and controls intended to prevent users in prohibited jurisdictions from accessing the platform, including active measures to combat VPN circumvention.Measurable ResultsCompliance programs should be evaluated on outcomes. Binance’s consistent work and investments have produced measurable improvements over time, including:Sanctions-related exposure declined 96.8% as a share of total exchange volume, from 0.284% in January 2024 to 0.009% in July 2025.Direct exposure to the four major Iranian crypto exchanges declined 97.3%, from $4.19 million in January 2024 to $110,000 in January 2026.In 2025, Binance processed more than 71,000 law enforcement requests globally.Binance supported the freezing and recovery of hundreds of millions of dollars linked to illicit activity in 2025, working with law enforcement and partner networks.As we have noted before, public blockchains allow any party to send assets to an exchange deposit address without the exchange’s prior approval. That reality means risk cannot be reduced to absolute zero on any blockchain platform. Responsible operators focus on detection, investigation, mitigation, offboarding, and reporting, backed by ongoing monitoring and continuous improvement.Binance holds regulatory approvals and licenses in more than 20 jurisdictions and is the first cryptocurrency exchange to have secured full authorization under the Financial Services Regulatory Authority of the Abu Dhabi Global Market’s regulatory framework. We continue to invest in governance, independent oversight, and ongoing reviews across markets, incorporating feedback to strengthen our controls.Final ThoughtsWe filed this lawsuit because the trust placed in Binance by more than 300 million users is earned through real work and real accountability.We will continue to strengthen our compliance program, cooperate with law enforcement, engage constructively with regulators, and protect our users. We will also continue to correct the record when false statements cause harm.Further ReadingWhat the New Reports Got Wrong and What Our Compliance Program Actually FoundBinance’s Formal Response to Recent Congressional InquirySetting The Record Straight: Binance’s Strong Compliance Program

Main TakeawaysThis article sets the record straight by correcting false media reports and detailing how Binance’s compliance program effectively uncovered and addressed complex, multi-jurisdictional financial activity.No employees were terminated for raising compliance concerns, and Binance’s thorough investigation led to the removal of suspicious accounts linked to alleged Iran-related activity.Binance maintains a strong compliance program that has achieved a nearly 97% reduction in exposure to sanctioned entities while cooperating extensively with law enforcement.Where We Left OffOn February 23, we published a detailed account of Binance's compliance program – its scale, measurable results, and the specific processes followed in the cases that recent media coverage distorted. We stated plainly: our compliance program is effective, it worked here, and any claim to the contrary is factually incorrect.Since that statement, further inaccurate reporting has appeared. New allegations have been made while old falsehoods have been recycled. We said we would keep setting the record straight, and we are doing exactly that.The Full Story: What the Investigation Actually UncoveredThe distorted narrative that has appeared in the media in recent days is roughly as follows: there was a clear and direct flow of $1.7 billion between accounts on Binance and entities linked to Iran; Binance ended an investigation into these flows and terminated the compliance employees involved; and that Binance failed to properly identify and remediate these issues. All of this is false. Binance unequivocally did not terminate any employees for escalating compliance concerns. The rest of the story is complex and serves as a case study for the strength of Binance’s compliance program and how effectively we cooperate with law enforcement. Binance's team, working through a structured, multi-month process, uncovered a sophisticated, multi-jurisdictional pattern of financial activity spanning Asia, the Middle East, and beyond.This involved many players, including: The Source of Funds: the funds came in from (i) a major regulated stablecoin issuer and (ii) a Singapore regulated digital payments and banking provider.Intermediary Wallets: once the funds left Binance, they were sent to a vast number of recipients. Only after a complex and detailed investigation was it revealed that many of these wallets were potentially under common ownership and part of a broader consolidated operation.End Recipients: after moving through multiple hops on the blockchain through this complex network, some of the funds (approximately $126.1 million) ultimately arrived in wallets with links to Iranian wallets. Of the $126.1 million funds, only $24.1 million arrived into IRGC-related wallets. Importantly, those IRGC connections were only identified after Binance had started investigating and taking action, putting Binance in lock step with law enforcement to shut down this network. Figure 1: Fund flow. Click here to download in higher resolution.Within this complex flow sit a small number of accounts on Binance associated with the entities you may have read about: Blessed Trust and Hexa Whale. When Binance learned through law enforcement requests that some of the wallets in this complex web had problematic affiliations, it began investigating. It was through this investigation that the Blessed Trust and Hexa Whale accounts at issue were identified and then offboarded. To be clear: The funds in question did not originate nor terminate at Binance. As soon as Binance uncovered this complex pattern of activity, it offboarded all accounts involved in those transactions and reported them to law enforcement. This is the complete picture that the headlines omitted.Correcting The Record, Point by PointFour specific claims have appeared repeatedly in coverage of this story. All four are false. We are addressing each directly.CLAIM: “Binance moved $1.7 billion to Iranian sanctioned entities.”FACT: The funds did not originate at Binance and did not end at Binance. The flow passed through multiple independent intermediaries before any portion reached Iran-linked addresses, and the vast majority of funds have no confirmed Iranian nexus. Binance offboarded the user accounts found to have engaged in suspicious activity and reported the suspicious activity to law enforcement. Binance’s actions were consistent with applicable sanctions laws and were the result of its effective compliance program. CLAIM: “Binance compliance staff were fired for investigating these cases.”FACT: Those compliance staff were not terminated for any reporting or role in the investigations. Their departure had nothing to do with the investigation itself. Binance’s investigations continued unabated after the employees left the company.CLAIM: “The investigations were stopped or suppressed.”FACT: Binance did not shut down the investigations; Binance offboarded the user accounts found to have engaged in suspicious activity and reported the suspicious activity to law enforcement after the conclusion of each investigation.CLAIM: “Binance investigators were denied access to the Blessed Trust account.”FACT: Investigators were granted immediate access, which was repeatedly renewed, as confirmed by system logs. Access was never restricted. This claim is demonstrably false and contradicted by internal records.The Data Backs This UpAs we reported on February 23, the results of Binance's compliance investment are measurable and significant:96.8%  reduction in sanctions-related exposure as a share of total exchange volume between January 2024 to July 202597.3%+  reduction in direct exposure to the four major Iranian exchanges from January 2024 to January 202671,000+  law enforcement requests processed in 2025 alone$131M+  in illicit funds confiscated and returned to law enforcement with Binance’s support in 2025$200+ million spent annually on our compliance program, with 20% of our entire staff headcount working in compliance. These are not the numbers of a platform that is indifferent to sanctions risk;  rather, they are the numbers describing a compliance program that is working.The FactsNo exchange, whether crypto or traditional, can guarantee that risk never touches its platform. What distinguishes a responsible institution is what happens when it does: whether the risk is detected, investigated, mitigated, and reported. In every case described in recent coverage, Binance did all four.Binance identified a complex pattern of suspicious activity, mapped it, offboarded the relevant user accounts, and reported to law enforcement. Most importantly, we will continue to investigate the facts and operate our best-in-class compliance program that is consistently growing stronger. We will continue to work with law enforcement. And we will continue to hold ourselves to the standard that our users, our regulators, and this industry deserve.Further ReadingSetting The Record Straight: Binance’s Strong Compliance ProgramBinance’s Compliance Work, TransparentlyBinance Drives Responsible Growth Through Compliance and Law Enforcement Partnerships

Main TakeawaysThis blog summarizes the findings of the recent Binance Research report discussing key developments in crypto markets over the past month.In February, total cryptocurrency market cap dropped 22.6% to$2.36T amid Fed uncertainty, tariff pressures, and broader deleveraging, recording five straight months of losses for major crypto assets.In response, markets are eyeing stabilization as spot BTC ETFs return to net inflows, with the upcoming U.S. tax refund peak likely adding liquidity to risk assets.This blog summarizes key Web3 developments in February 2026 from Binance Research’s monthly report to provide an overview of the ecosystem’s state. We analyze the performance of crypto, DeFi, and NFT markets before previewing major events to look out for in March 2026.Crypto Market Performance in February 2026In February, total cryptocurrency market capitalization fell 22.6% to $2.36T amid Federal Reserve policy uncertainty, tariff-related transition pressures, and a broader market deleveraging cycle. Market sentiment remained deeply negative, with the Fear & Greed Index staying below 20 and briefly dropping to 5 – a historic low even compared with prior cycles. The market has now recorded five consecutive months of negative returns for major crypto assets, a streak not seen since the 2018 bear market.Liquidity pressures persisted as leverage metrics remained above historical averages, indicating that deleveraging is still underway. Bitcoin dominance declined modestly by 1% to 57.9%, while ether declined 2% to 10.8% amid softer performance in major coins. Looking ahead, markets are watching for signs of stabilization as spot BTC ETFs begin shifting back toward net inflows, while the peak of the U.S. tax refund season over the coming weeks could provide incremental liquidity for risk assets.Monthly crypto market capitalization decreased by 21.4% in FebruaryJanFebMarAprMayJunJulAugSepOctNovDec2026-1.0-22.620254.3-20.2-4.410.810.32.613.3-1.74.3-6.1-15.4-3.820240.440.016.3-11.38.6-11.45.6-12.48.02.839.9-4.5202330.43.49.33.2-6.03.31.0-8.82.619.011.015.22022-22.6-0.325.3-18.1-25.2-31.721.8-11.4-2.17.2-18.0-4.5202133.939.631.111.4-25.7-5.912.525.2-9.942.9-1.0-15.0Source: CoinGeckoAs of March 2, 2026Performance among the top 10 assets was broadly negative amid continued liquidity pressures. TRX proved the most resilient, declining just 4.6%. BCH and ADA fell 15.7% and 19.7%, respectively, as selling pressure spread across the altcoin market. DOGE dropped 22.7% for the month, despite a brief 14% single-day surge on February 14 following speculation around X’s Smart Cashtags announcement.Across the rest of the group, LINK declined 24.5%, even as collaborations with Canton Network and Ondo Finance around tokenized assets offered longer-term support. XRP fell 26.2%, though ecosystem developments continued, including Flare launching lending and borrowing for FXRP through a Morpho integration. BNB, SOL, and ETH dropped 28.4%, 29.6%, and 30.8%, respectively, reflecting the broader risk-off move across crypto markets. Bitcoin also remained under pressure, declining significantly from its all-time high and approaching its realized price near $54K, a level historically associated with late-stage deleveraging phases.Monthly price performance of the top 10 coins by market capitalization Source: CoinMarketCapAs of March 2, 2026Decentralized Finance (DeFi)TVL share of top blockchainsSource: DeFiLlamaAs of February 28, 2026 In February 2026, DeFi total value locked stood at about $95.7 billion, down 18.4% month over month amid broader market weakness. Market share shifts among the top five ecosystems were limited, with only Ethereum recording a modest decline. Discussions around Ethereum’s roadmap continued, with Vitalik Buterin emphasizing faster mainnet scalability improvements alongside the rollup-centric approach and the importance of long-term quantum resistance research.Meanwhile, Base continued gaining traction, with its TVL rising steadily to account for about 46.5% of total layer-2 DeFi TVL. As Base consolidates around its implementation within the OP Stack framework, its growing contribution to sequencer fees and user activity could increasingly shape revenue dynamics within the Superchain ecosystem.Tokenized Real-World Assets (RWAs)RWA net monthly growth by categorySource: rwa.xyz, Binance ResearchAs of March 2, 2026 Tokenized Real-World Assets (RWAs) continued to expand in February, with total on-chain value reaching about $25.4B, up roughly 4.7% month-on-month. Growth was driven by Treasury-backed products and renewed interest in tokenized gold amid rising global bullion prices. Despite broader market volatility, the increase in both asset value and holder count highlights sustained interest in RWA tokenization from institutional and retail participants.March Events and Token UnlocksTo help users stay updated on the latest Web3 news, the Binance Research team has summarized notable events and token unlocks for the month to come. Keep an eye on these upcoming developments in the blockchain space.Notable Events in March 2026Source: Cryptoevents, Binance ResearchLargest token unlocks in USD termsSource: CryptoRank, Binance ResearchFinal ThoughtsThis article is only a snapshot of the full report, which contains further analyses of the most important charts from the past month. The full report takes a deeper look at several themes shaping the market, including how AI-driven selloffs in software equities are spilling into Bitcoin as institutions increasingly treat BTC as a “tech risk” asset, the outperformance of NeoFi protocols with revenue-generating token models, and the maturation of prediction markets as new formats like attention markets emerge. Also, it explores a potential inflection point for Ethereum scaling, where advances in zkVMs and roadmap developments are starting to challenge the original narrative behind general-purpose layer-2 networks.Read the full version of this Binance Research report here.Further ReadingBinance Research: What Crypto’s 2025 Taught Us – and What to Watch in 2026Binance Research on Key Trends in Crypto – December 2025Binance’s 2025 End-of-Year Report: Trust, Liquidity, and Web3 DiscoveryDisclaimer: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice and is not a recommendation, offer, or solicitation to buy or sell any securities or cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer; they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given, and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies, or any investment strategy, nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.

Main TakeawaysFor International Women’s Day, we spoke with Binance employees and Angels worldwide about how curiosity led them to meaningful careers in crypto and Web3.They highlighted that education, consistency, and hands-on learning – through initiatives like Binance Academy, community meetups, and real product experience – were key to building confidence and long-term growth in the Web3 space.Supportive communities, visible role models, and vibrant ecosystems are helping break barriers and shape a more inclusive future for crypto.This International Women’s Day, we’re shining a spotlight on the women shaping the future of crypto at Binance. From our community leaders to Binance Angels, their journeys into Web3 are powered by curiosity, courage, and unbreakable conviction. Here are five inspiring journeys into Web3 – and how each of these women is now opening the door wider, helping more women enter crypto with confidence.From Traditional Finance to Financial FreedomWessal, a Community Manager in MENA, initially dismissed Bitcoin as “too good to be true,” shaped by her background in traditional finance. However, living in a region with limited cross-border transfer options and a heavy reliance on informal currency markets, she began to see crypto as a practical financial rail during COVID-induced lockdowns – a medium for remittances and value transfer when conventional systems felt restrictive. “Coming from a country with limited transfer options and heavy black-market currency activity, the idea of financial freedom was personal. It clicked when I realized crypto was about not just trading, but access.”She first joined Binance as a Customer Service agent for the French team, transitioned into Social Media, and pivoted into a Community Manager role in MENA – proving how far curiosity and consistency can take you in Web3.Today, she focuses on building trust through transparency and strengthening confidence through education, particularly by guiding users to accessible resources like Binance Academy. For her, long-term adoption begins with understanding. Her advice to women stepping into crypto reflects the same philosophy. “Start with education rather than short-term gains. You don’t need to know everything to begin, just be willing to learn.”A Coffee, A Question, A CareerAndreia from our Global Community team traces her start in crypto back to a coffee with friends in 2017 where she first heard of Bitcoin.“My crypto journey didn’t start with a master plan,” she says.Curiosity led her to explore blockchain, and by 2020 she was volunteering in a Portuguese crypto Telegram group, helping others navigate the space. At that time, she looked up to Binance as a benchmark in the industry – noticing its presence across Lisbon billboards and at major events like Web Summit. When she officially joined Binance, it felt like a full-circle moment. Stepping into a fast-moving industry where she often had to prove herself wasn’t always easy, but it strengthened her conviction and sense of purpose. “Sometimes you feel like you have to prove yourself twice. Instead of seeing that as a barrier, I used it as motivation.”Today, she champions a shift toward real-world adoption and meaningful utility. “Less hype, more utility. The future of crypto is real-world impact.”Personal Curiosity to Community EmpowermentFor Elorm, a Binance Angel in Africa, everything began by accompanying a friend to a crypto meetup. “We were the only women in the room,” she recalled.Rather than stepping back, she leaned in. She set out to understand blockchain in-depth and to help create a space where more women could participate with confidence. What began as curiosity grew into active trading, P2P transactions, exploring derivatives, and eventually becoming a Binance Angel.Profits from her early trading journey helped her start a business – a pivotal moment that proved crypto’s tangible impact. “Crypto isn’t too complex: anyone can succeed with the right access and support.”Some of her proudest moments include attending global Binance events and meeting leaders like co-founder Changpeng Zhao and co-CEO Richard Teng – encounters that marked how far she’d come since that first crypto meetup. Today, she’s focused on grassroots education, storytelling that connects, and creating safe spaces where women can explore crypto freely.Rediscovering Identity Through Web3After coming across a post calling crypto “the future of finance,” Tasia, a Binance Angel in Southeast Asia, began experimenting with it in 2018. With no investing background, she started small, saving and learning one step at a time.When the pandemic disrupted her projects and she navigated life as a young mother, crypto communities became both a professional outlet and a source of personal empowerment.“Much like a flamingo that temporarily loses its pink color after having chicks, I felt I had lost my own color – but Binance helped me rediscover it.”Through organizing community meetups, hosting AMAs, contributing to creator initiatives, and participating in Binance Blockchain Week in Dubai, she rebuilt her confidence and strengthened her personal brand. Her long-term vision is to help make crypto as secure, intuitive, accessible, and as easy to use as everyday digital wallets.From $20 to the Innovation Stage“A small gift sparked my curiosity.” For Joey, a Binance Angel in MENA, the journey began in 2019 with nothing more than a $20 birthday gift sent to her Binance account.What started with a gift card grew into years of learning, trading, and engaging with digital art communities, all while deepening her knowledge through Binance Academy. She was among the first invitees to a Binance Meetup in Lebanon, where she discovered the Binance Angels program and decided to represent women in her region. For Joey, Binance Angels became family.Years later, she stood on the Innovation Stage at Binance Blockchain Week as a Binance Angel, looking back at years of hard work and community building. “Crypto is not an easy way to make money. It requires discipline and constant learning.”Final ThoughtsThis International Women’s Day, these stories show how women are carving their own paths in Web3 while creating space for others to grow. Their message is that in digital finance, education builds confidence and community drives growth. The future of crypto shines brightest when it’s inclusive, and as more women join us in leading and learning, we’re building an ecosystem that better caters to the needs of the global community we serve.Further ReadingBinance Angels Awards 2025: Celebrating the Guardians of Our Global CommunityWhy the Binance Community is the Heart of Crypto’s Biggest EcosystemAn Open Letter to the Crypto Community

Main TakeawaysThe global financial system is being reshaped in real time by blockchain technology and digital assets.Because this infrastructure is still taking form, the people building it today have a rare opportunity to influence what the future of finance will look like – and a chance to steer it toward a more inclusive and accessible design.At Binance, women leaders are helping shape that future across regulation, institutional adoption, regional growth, people strategy, and company-building.This article is adapted from an op-ed by Rachel Conlan, Chief Marketing Officer at Binance, published for International Women’s Day.Every International Women’s Day brings a familiar and necessary conversation about representation in finance: who leads, who gets funded, and who gets access to opportunity.Those questions are of great importance, but this year, I think it is worth stepping back and looking at a bigger shift underway.The financial system itself is being rebuilt.Blockchain technology and digital assets are changing how value moves across borders, the ways in which markets operate, and how people access financial tools. What began as a niche technological experiment is steadily becoming part of the infrastructure of modern finance, used by hundreds of millions of people around the world.That makes this moment unusual. Rather than watching a new sector emerge inside an old system, we are witnessing the foundations of a new financial era take shape in real time. When a system is still being built, the people shaping it matter enormously.A Rare Moment to Help Define the FutureHistorically, financial systems were designed in established global centers and then extended outward; blockchain has followed a different path.It grew from a global, decentralized movement of developers, founders, operators, and communities working across markets. Its rise has been faster, more distributed, and less tied to legacy institutions than previous waves of financial change. That has created a different kind of opening.In traditional systems, influence is often accumulated over decades through institutional hierarchy. In digital assets, leadership has often been earned through expertise, adaptability, and the ability to operate in a fast-moving environment where the rules are still being written.It means that many of the most important structures are still being formed now: in regulation, compliance, product design, institutional engagement, and organizational leadership. The people doing that work today are helping define what the next version of global finance will look like.The Women Helping Shape That Work at BinanceAt Binance, I see that dynamic clearly.Across the company, women are helping shape the future of digital finance in ways that go far beyond symbolic representation. They are leading work that is central to how this industry matures and earns trust.Our General Counsel, Eleanor Hughes, is deeply involved in the legal and regulatory conversations that will help define how digital-asset markets develop across jurisdictions. As governments build frameworks for technologies that barely existed at scale a decade ago, that work will have long-term consequences for retail users and institutions alike.Gillian Lynch, our Head of Europe and UK, is helping lead Binance’s licensing efforts in the region alongside Eleanor. In a market where regulatory clarity will play a major role in the next phase of adoption, that work is part of how crypto becomes more durable, trusted, and more deeply embedded in the broader financial landscape.Catherine Chen leads our institutional strategy at a time when digital assets are increasingly intersecting with traditional capital markets. Her work reflects an important shift in the industry: the conversation is moving beyond whether digital assets belong in the financial system and toward how they will integrate with it.Other leaders are shaping Binance from within in equally important ways.Nancy, our Head of HR and a longtime leader since Binance’s early days, has helped build the people foundations behind the company’s growth. In a fast-scaling global organization, talent, culture, and internal cohesion determine whether a company can grow responsibly and sustainably, and Nancy has been the architect of these pillars for Binance.Heina Chen, a senior executive and member of Binance’s founding team, represents another important dimension of leadership in this space: helping build an institution from the ground up. In industries that move this quickly, early builders like Heina influence the company’s DNA.And of course, there is Yi He, Binance co-founder and co-CEO.Yi’s leadership is a reminder that when women are part of building a company from the beginning, they are helping shape the structure from scratch – defining how decisions are made and what kind of opportunities the organization creates for others – rather than rising through an existing structure.This Window Will Not Stay Open ForeverOne of the defining features of the digital-asset sector is that so much is still fluid.Core questions remain open: how digital-asset platforms should be regulated, how institutions should participate, how new financial products should be designed, how access can be expanded responsibly across markets. That fluidity creates opportunity – but it will not last forever.As this industry matures, its structures will harden. Leadership paths will become more defined, and gatekeepers will emerge. The chance to shape the architecture of a new system is always greatest before that architecture is fully set.We have already seen how much early participation can matter in places where fintech and digital-asset innovation have accelerated quickly, including the UAE, Hong Kong, and Singapore. In those markets, women moved into influential roles while the sector was still taking shape, and that has had a lasting effect on how leadership in the industry is understood.There is a lesson in that: the future of finance will be shaped by the people who step in early enough to help define how that technology is governed and applied.Building Finance for the Internet AgeToday’s digital-asset ecosystem is far broader than trading alone. It includes compliance specialists helping protect users, lawyers and policy experts working alongside regulators, institutional leaders connecting crypto with traditional finance, operators scaling global platforms, and teams building the products and services that make digital assets more useful in everyday life.At Binance, we see this evolution clearly. Crypto is becoming part of a broader financial stack: more global, internet-native, always-on, and increasingly more connected to the real needs of users.If the financial system of the 21st century simply recreates the assumptions and power structures of the 20th, then one of the most important opportunities created by technological change will have been wasted.But if this moment is approached intentionally, there is a chance to build something better: a financial system that is more open, and shaped by a broader range of builders.The financial system is being rebuilt, and the question is who will help shape it.

Today, we are publishing Binance’s response to U.S. Senator Richard Blumenthal’s February 24, 2026 letter, which relied in significant part on recent media reports containing false, unsupported, and defamatory claims about our compliance program and sanctions controls.Main TakeawaysBinance appreciates the Permanent Subcommittee on Investigations’ work and takes its legal and compliance obligations seriously, prioritizing platform safety and regulatory cooperation.Recent media reports cited by the Subcommittee (from NYT, Fortune, WSJ) contain significant inaccuracies and defamatory claims about Binance’s compliance efforts.The investigations into Hexa Whale and Blessed Trust were proactive responses to law enforcement inquiries; both entities were offboarded after thorough internal reviews before any related press coverage appeared. There were no direct transactions involving Iran-based entities on Binance.Regarding employee matters, out of over 1,500 compliance staff, only a small number have separated from Binance; this is a normal turnover rate for a large organization. One employee was terminated for unauthorized disclosure of internal user information, and others left voluntarily; none were terminated for raising compliance concerns. Binance has a rigorous and continuously improving compliance program, including strict KYC procedures and a prohibition on users residing in Iran. Binance has enhanced geolocation controls and actively combats VPN circumvention to enforce user eligibility and compliance.Binance has invested hundreds of millions of dollars in compliance infrastructure, employing over 1,500 specialists trained in sanctions, counter-terrorism financing, and financial crime investigations. The company uses over 25 advanced tools for due diligence, transaction monitoring, sanctions screening, and behavioral analytics to detect and mitigate illicit activity.Binance maintains strong partnerships with law enforcement and crime-fighting networks, contributing to freezing and recovering hundreds of millions in illicit funds.In 2025, Binance processed over 71,000 law enforcement requests and helped seize more than $752 million in illicit assets globally, including nearly $579 million for U.S. agencies.Exposure to wallets linked to illicit activity has decreased by nearly 97% from early 2024 to mid-2025, including a 97.3% reduction in exposure to major Iranian crypto exchanges.Binance acknowledges that absolute zero risk is impossible on public blockchains but relies on robust monitoring and controls to minimize and mitigate risks.Binance remains committed to strengthening its compliance program, protecting users, cooperating with authorities, and supporting the global crypto ecosystem.The response is based on the best available information within the timeframe and does not waive any legal rights or privileges.Full LetterMarch 6, 2026The Honorable Richard BlumenthalRanking Member, Permanent Subcommittee on Investigationscc: The Honorable Ron JohnsonChairman, Permanent Subcommittee on InvestigationsRe: Response to February 24, 2026 Letter to BinanceDear Ranking Member Blumenthal:We represent Binance (or the “Company”) and write in response to your letter, dated February 24, 2026 (“Letter”) concerning the prevention of money laundering. Binance recognizes the importance of the Permanent Subcommittee on Investigations’ (“Subcommittee”) work and appreciates this opportunity to respond.Binance takes its legal obligations seriously and shares your interest in the safety of its platform. The recent reporting on which your inquiry relies, however, is demonstrably false, unsupported by credible evidence, and defamatory in several material respects. (Footnote: We are specifically referring to the New York Times, Fortune, and Wall Street Journal articles referenced in your letter published in February 2026). Binance has a rigorous compliance program that is consistently growing stronger. Binance also has strict Know Your Customer (“KYC”) and compliance procedures in place and prohibits users residing or located in Iran on the platform.Your letter focuses largely on two entities – Hexa Whale and Blessed Trust – with alleged indirect exposure to wallet addresses with potential ties to Iran. Binance became aware of the concerns with these entities after initiating a proactive investigation in response to law enforcement inquiries. As a result of our investigation, we removed those entities from the Binance.com platform. Moreover, to our knowledge, no Binance account transacted directly with an Iran-based entity.These are the topline responses to your letter, which cites allegations in press reports that are simply not true. We explain some of the key inaccuracies below.I. Binance’s Best-in-Class Compliance ProgramIn recent years, Binance has invested hundreds of millions of dollars in compliance infrastructure to build a strong compliance program and support Binance’s goal of being at the frontlines of regulatory development, securing user funds, and promoting a safe trading environment. As part of this effort, Binance has significantly expanded its compliance headcount to more than 1,500 individuals worldwide. This includes hundreds of professionals with specialized training and experience in sanctions, counter-terrorist financing, and financial crimes investigations.In addition, Binance invests in people and processes to detect suspicious activity, report it, and proactively cooperate with law enforcement to address it. It has deployed more than 25 leading tools for due diligence and monitoring of customers who use the platform and has developed state-of-the-art systems to detect suspicious activity and ensure compliance with global sanctions laws. Through onboarding checks, transaction monitoring, sanctions screening, and behavioral analytics, Binance has developed the capacity to precisely detect illicit transactions and reduce false positives. Consistent with its commitment to combatting illicit finance and supporting law enforcement, Binance also maintains robust partnerships with law enforcement agencies and networks, like the Beacon Network and T3 Financial Crime Unit, which have real-time crime-fighting initiatives that freeze and recover illicit funds before they can circulate further. For example, in T3’s first year of operation, the network froze over $300 million in tainted funds.With more than 300 million users worldwide, Binance makes compliance a top priority. In 2025 alone, Binance processed more than 71,000 law-enforcement requests. During the last three years, Binance also helped law enforcement agencies seize more than $752 million, including nearly $579 million for government agencies in the United States. And, based on data from blockchain analytics providers, from January 2024 to July 2025, Binance’s exposure to wallets allegedly involved in illicit activity decreased from 0.284% of total exchange volume to just 0.009% of exchange volume – a decline of nearly 97%. As for the four major Iranian crypto exchanges, Binance reduced its exposure by 97.3% in the last two years, from $4.19 million to just $110,000. (Footnote: By design, public blockchains allow users to send assets to exchange deposit addresses without prior approval from the receiving exchange. As a result, risk exposure cannot be reduced to absolute zero on any blockchain platform. Exchanges therefore rely on robust on-chain monitoring, screening, and post-receipt controls to detect, investigate, and mitigate exposure after funds are received.)Binance is always seeking to improve, its renewed compliance focus in recent years has already yielded tremendous results.II. Binance’s Successful Efforts to Offboard User AccountsRecent reporting on Binance’s sanctions compliance is false, appears to be based on a misunderstanding of the facts, and does not fully reflect the broader investigative work that Binance has undertaken. While the Company cannot disclose details that could compromise ongoing law enforcement investigations, we will offer what we can to clarify the record.A. Hexa Whale InvestigationFirst, in April 2025, law enforcement sent Binance requests seeking information about transactions between Binance wallets and several non-Binance wallet addresses. According to law enforcement, those non-Binance wallet addresses had potential connections to terrorist financing.After receiving the requests, Binance investigators initiated a comprehensive review to determine not only Binance’s exposure to the wallets implicated by the outreach, but any other Binance users with such exposure. In June 2025, Binance responded to law enforcement and provided user operation logs, including, but not limited to, KYC information and transaction information for Binance accounts linked to the identified wallets, including Hexa Whale.Even after Binance had fulfilled the law enforcement request, it proactively continued its investigation. After the conclusion of that investigation, on August 13, 2025, Binance offboarded Hexa Whale, thus appropriately concluding its investigation of this now-defunct trading entity.B. Blessed Trust InvestigationIn summer 2025, Binance received a separate set of requests from law enforcement, which identified transactions between Binance user accounts and non-Binance wallets that law enforcement alleged had links to terrorist financing. Binance responded to those requests and provided the requested information.Even after fulfilling the request, Binance conducted a further review. Binance’s investigators engaged in a complex investigation and source of funds analysis. After the conclusion of that investigation, in January 2026, Binance offboarded Blessed Trust. Once again, Binance appropriately investigated and addressed these issues.C. Enhanced Geolocation ControlsYour Letter repeats an allegation from the Wall Street Journal, that “Binance compliance found 2,000 accounts associated with Iranian entities on its cryptocurrency exchange, despite restrictions on Iranian banking and Binance’s claim that it bans Iranian users.” That claim is false. Binance has made no such determination. Binance has strict KYC and compliance procedures in place and bars from the platform users residing or located in Iran. We suspect this claim relates to Binance’s ongoing efforts to further enhance its controls around the use of Virtual Private Networks (“VPNs”). To be clear, identity verification is mandatory for all customers. Binance does not knowingly onboard customers using incomplete or inaccurate documentation. Any attempt to circumvent Binance’s eligibility requirements by using a VPN is a violation of Binance’s terms of service.III. Binance’s Employment Actions were ProperThe Letter refers to media reports regarding the treatment of certain Binance employees who worked on the Hexa Whale and Blessed Trust investigations. That reporting contains significant inaccuracies. Most importantly, none of these employees were terminated because they escalated compliance concerns. While Binance does not share internal information regarding personnel decisions as a matter of employee privacy, it is true that some employees and contractors working in compliance have recently left the Company—most as the result of resignations. In one instance, an employee was terminated after an internal investigation revealed that he had violated company policy regarding the unauthorized disclosure of internal user information. Binance takes seriously the privacy of its users and has no tolerance for employees violating that trust by sharing internal information externally. Binance also closely follows its labor and employment policies. This employment action was no different.IV. ConclusionBinance has a rigorous compliance program that is consistently growing stronger. When there is credible risk information, Binance investigates, mitigates, offboards accounts, and reports to appropriate authorities. With respect to the matters described in the Letter, that compliance process was, in fact, effective. Binance will continue to use its compliance program to protect its users, cooperate with law enforcement, and advance its mission to provide the core infrastructure services for organizing the world’s crypto.The information contained in this response is based on the Company’s best efforts undertaken within the timeframe provided and based on its understanding of the terms of the Letter. The representations made in this response are based on information reasonably available to the Company and may not reflect all existing relevant information. Binance reserves the opportunity to supplement information in this response. In providing information and materials responsive to the Letter, Binance does not waive any rights or legal options relating to the Subcommittee’s inquiry.Binance does not intend to, and does not, waive any applicable privilege, protection or other legal basis under which information may not be subject to production. If it were found that any of the documents or information provided constitutes disclosure of privileged material, such disclosure would be inadvertent. By the provision of such documents and information, Binance does not waive and has not waived the attorney-client privilege or any other protections.