Binance FX Perpetuals: 100x Leverage and German Rules

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.