Binance Launches FX Perpetuals With 100x Leverage: What Is Allowed in Germany

On Monday, September 21, 2026, at 14:00 UTC, Binance launches a perpetual future on a currency pair: USDBRLUSDT, the US dollar against the Brazilian real, settled in USDT and with leverage of up to 100. The answer to the question of whether you may and should trade this product as a retail investor in Germany is shorter than the announcement itself. The leverage sits far above what BaFin permits retail clients in comparable currency products, and the crypto regulation MiCA does not apply here in the first place. The exchange files the contract under its TradFi Perpetual product category and has announced further currency pairs. Shunyet Jan, who is responsible for exchange and trading at Binance, justifies the move in the statement by saying that foreign exchange is one of the most fundamental markets in the world, where hedging and macro views are expressed at all hours. Two weeks earlier, Bybit had already introduced round-the-clock perpetuals on EUR/USD, GBP/USD and USD/JPY, likewise settled in USDT and likewise with leverage of up to 100. What is emerging here is a currency market run by crypto rules. What Binance Launches on September 21: USD/BRL as a Perpetual Future The contract is called USDBRLUSDT. It tracks the price of the US dollar against the Brazilian real, but settlement happens in USDT rather than in dollars or reais. You post a stablecoin as collateral, trade a currency pair through it, and have any profit or loss credited back to you in USDT. The price you are betting on has no currency link to your collateral balance. Trading runs continuously, including at weekends. That is precisely the selling point. The classic foreign exchange market closes on Friday and reopens on Sunday evening. Anyone who wants to react to a piece of news in between cannot do so on regulated venues. Binance closes that gap and points out, according to its press release, that its own TradFi perpetuals have already been well ahead of comparable venues in weekend price discovery. A perpetual future is a futures contract without an expiry date. In theory it can be held indefinitely, as long as the collateral holds up. To stop its price drifting permanently away from the underlying market, the buy and sell sides pay each other a balancing payment at regular intervals, the funding rate. This balancing payment is not a fee to the exchange; it flows between market participants. Whoever stands on the crowded side of the market pays the other side. Perpetual Future on Currencies: How the Contract Differs From a Classic FX Future On Eurex or the CME, currency futures have a fixed delivery date, a standardised contract size and a central counterparty that steps between buyer and seller.