Binance Bahrain Exchange Trading Rules
1. PURPOSE
1.1 Binance Bahrain B.S.C. is licensed by the Central Bank of Bahrain (the “CBB”) as a Category 4 Crypto-Asset Licensee to operate a Crypto-Asset exchange in relation to Crypto-Assets, as outlined under the Crypto-Asset (“CRA”) Module of the CBB Rulebook, Volume 6 (Capital Markets).
1.2 These Rules govern the admission of participants to the Exchange, the organisation of Crypto-Assets trading on the Exchange, and the code of conduct for participants.
1.3 These Rules aim to ensure equal treatment of participants, as well as the transparency and proper functioning of Crypto-Assets on the Exchange. These Rules also provide Binance the right and power to implement disciplinary actions against participants for any breach of these Rules or Applicable Laws.
2. DEFINITIONS
2.1 Unless otherwise defined, capitalised words used in these Rules shall have the same meaning given to them in the Terms of Use. The rules of interpretation set out in the Terms of Use shall apply to these Rules, except that references to clauses are to clauses in these Rules, unless otherwise stated.
2.2 For the purpose of these Rules, the following terms shall have the following meanings, whether used in the singular or plural form, and without prejudice to other definitions provided in these Rules:
INTERPRETATION
3.1 These Rules govern the functioning of the Binance Exchange as operated by Binance.
3.2 Except for any Downtime, the Exchange is intended to be open for trading 24 hours a day, 7 days a week each day of the year.
3.3 These Rules do not govern the use of other Binance Services accessible through the Platform, which are governed by the Terms of Use and specific Product Terms in respect of those Binance Services.
3.4 These Rules are supplemental to and shall be read together with the Terms of Use and the provisions set out in the Terms of Use shall continue to apply. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference with the same force and effect as if fully set forth herein. These Rules constitute Product Terms. References in the Terms of Use to the Binance Services shall include references to the services contemplated hereunder. In the event of any conflict or inconsistency between these Rules and the Terms of Use, these Rules shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.
4. ACCEPTANCE OF THE RULES AND AMENDMENT
4.1 Approval
4.1.1 By clicking “I Accept” you are entering into a legally binding agreement with us and you acknowledge that they have read, understood and accepted all of the provisions in these Rules, and you agree that you will be bound by and will comply with these Rules.
4.1.2 If Users do not understand and accept these Rules, in their entirety, they should not use the Binance Exchange.
4.2 Amendments
4.2.1 Binance may amend, extend, vary or supplement the Rules from time to time by giving at least thirty (30) calendar days’ notice prior to any change taking effect. References to these Rules are references to such Rules as they may be amended, restated or otherwise modified from time to time.
4.2.2 Binance will publish the final amended Rules on its Website and notify Users by sending the revised Rules to the User’s registered Email Account with any revisions clearly identified.
5. ADMISSION REQUIREMENTS
5.1 The use of the Exchange is open to any eligible Binance User, subject to conditions and restrictions as provided in the Terms of Use, these Rules and the Eligibility Criteria.
5.2 To use the Exchange, Users must in particular, on an ongoing basis:
5.2.1 hold a Binance Account opened according to the Eligibility Criteria, and ensure that they continue to meet the Eligibility Criteria;
5.2.2 have the legal capacity to enter into Transactions;
5.2.3 comply, at all times, with all the conditions set out in these Rules and the Terms of Use; and comply with any request from Binance stemming from ML/TF Rules and as detailed in the Terms of Use, and as otherwise required by Binance by any means.
5.3 Please read a copy of the Binance Risk Warning available here [Risk Warning] before proceeding to use the Exchange.
6. CUSTODY
6.1 The use of the Exchange is subject to the availability of Tradeable Assets in the Users’ Binance Account.
6.2 Binance will custody Users’ Tradeable Assets in accordance with Article 9 of the Terms of Use.
7. USERS OBLIGATIONS
7.1 Users will be responsible for any and all obligations and liabilities arising (directly or indirectly) from the entry, deletion and execution of all Orders, Instructions and trades placed on the Exchange pursuant to any Order or Instruction made by them or on their behalf, and any Transaction arising as a result.
7.2 Users will continue to meet the Eligibility Criteria at all times and as long as they remain Users of the Exchange, and to comply at all times with Applicable Law, the Rules, the Terms of Use and any other agreement governing the access to and use of the Exchange, including without limitation any trading guide, product specifications, market notices, operational procedures and any other information amending or supplementing the Rules as published by Binance from time to time.
7.3 Use of the Binance Account and the Exchange is reserved, by default, to Users regularly registered under their respective Binance Account. Users shall not share any of their Access IDs with third-parties, unless authorised under these Rules or by Binance or as offered through the Exchange functionalities. Users understand and accept that they are solely responsible for the use and access to their Binance Account and the Exchange, as well as for any information they submit to Binance.
7.4 Users must at all times:
7.4.1 minimise the risk of error in relation to Orders submitted to or Transactions executed on or through the Exchange;
7.4.2 accept responsibility for all Orders, Transactions and other actions taken by it;
7.4.3 refrain from engaging in any kind of Manipulation; and
7.4.4 ensure that their conduct on the Exchange ensures ongoing compliance with, and prevent breaches of, these Rules, the Terms of Use and Applicable Laws.
7.5 Each User represents and warrants that it will, on an ongoing basis:
7.5.1 place Orders in a responsible manner;
7.5.2 continue to comply with the Eligibility Criteria;
7.5.3 act in a responsible and fair manner; and
7.5.4 not engage in Market Abuse including any behaviour which:
(a) results, or is likely to result in, the creation of, or is intended or designed to create, a false or misleading impression as to the market in or price, demand or supply of any Crypto-Asset, or results in a Transaction in, or induces the purchase or sale of, any Crypto-Asset by means of any manipulative, deceptive or other fraudulent device or contrivance which is prohibited by regulations on Market Abuse, including but not limited to CBB Rulebook, Volume 6, Part A, Market Standards (Prohibition of Market Abuse and Manipulation) or Applicable Law;
(b) could adversely affect fair and orderly trading on the Exchange, including by:
(i) causing or entering into artificial transactions on the Exchange, which includes any type of conduct which would amount to creating an artificial price for any Tradeable Asset;
(ii) disseminating any information likely to affect or distort the market in or price of any Tradeable Assets;
(c) results or is likely to result in Manipulation;
(d) results in Insider Trading;
(e) results in any false or misleading representations or statements to Binance;
(f) causes or contributes to a breach of the Rules by another User; or
(g) is likely to bring Binance into disrepute.
7.6 Binance shall have the right and/or powers to issue, impose, require or collect, the disciplinary measures set out in Rule 14.5 if it considers that a User is in breach of, or is non-compliant with any of the provisions contained in this Rule 7.
8. REQUIRED DISCLOSURES
8.1 Users must notify Binance as soon as reasonably practicable after becoming aware of any of the following events in respect of the User:
8.1.1 Any breach of the Rules or any event, act or omission that may affect a User’s ability to comply with the Rules;
8.1.2 Any breach of the Rules or any event, act or omission which may impair a fair and orderly market on the Exchange;
8.1.3 Any event that may have a significant impact on the operation of the Exchange;
8.1.4 Any litigation or enforcement action that may impair a User’s ability to comply with the Rules;
8.1.5 Any loss, theft or compromising of the Access IDs; or
8.1.6 For a legal entity, any revocation, suspension or conditioning of any registration or license necessary to trade on the Exchange granted by any relevant regulatory authority, or occurrence of an event of insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings.
8.2 Failure of a User to notify Binance in such circumstances will be considered a breach of the Rules by that User.
9. PLACING AN ORDER AND FEES
9.1 Users may submit Orders by providing an Instruction. Users must, at a minimum, specify the following information when placing an Order:
9.1.1 the Trading Pair;
9.1.2 whether the User wishes to buy or sell;
9.1.3 the Order Type;
9.1.4 the Order value (denominated in Base Asset or Quote Asset); and
9.1.5 any additional parameters required for the relevant Order Type, as further described in section 10.2, or specified by Binance from time to time.
9.2 Orders placed on the Exchange are subject to minimum Order size or frequency requirements, as provided in the Trading Specs. There may also be limitations in terms of number of open Orders that a User can place on the Exchange, as provided in the Trading Specs.
9.3 An Order must comply with:
9.3.1 any Transaction limits, minimum Order size and maximum number of open Orders;
9.3.2 the Trading Specs; and
9.3.3 any other requirements, filters or limits specified by Binance or included in these Rules, whether such requirements, filters or limits apply at the level of individual users, certain Crypto-Assets or at the level of the Exchange as a whole.
9.4 To submit an Order, Users must have available a balance in their Binance Account sufficient to cover the total value of the Order and any applicable fees (as set out on the Fee Structure page available here https://www.binance.com/en-BH/fee/trading). Binance may, in its sole and absolute discretion, update the fees at any time. Any updated fees will apply to any Transactions that occur following the effective time of the updated fees. The User authorises Binance to deduct from its Account any applicable fees that it owes under these Rules or the Terms of Use.
9.5 An order may be rejected if:
9.5.1 Users do not have a sufficient balance in their Binance Account;
9.5.2 Users’ Order does not comply with the requirements set out in the Trading Specs or these Rules;
9.5.3 Users’ Order has been otherwise rejected according to these Rules or the Terms of Use.
9.6 When Users submit their Order, the relevant quantity of the relevant Tradeable Asset will be locked in their Binance Account until the Order is Matched, is cancelled or expires.
9.7 The Order Books through which your Orders may be matched and executed reflect Orders from users of the Binance Exchange globally. Therefore, your Orders may be matched with Orders from other users of Binance Bahrain B.S.C. or with Orders from users in other jurisdictions.
10. TYPES OF ORDERS THAT MAY BE PLACED ON THE EXCHANGE
10.1 Market Orders
10.1.1 A Market Order is not guaranteed to execute at a particular price.
10.1.2 To submit a Market Order, Users must specify the relevant Trading Pair, whether they want to buy or sell the Base Asset and the relevant quantity. Once a Market Order is Placed, it will be Matched, in whole or in part, with the best available Bid or Ask on the Order Book at the time. If the Size of the Bid or Ask at the top of the Order Book is not sufficient to Match the whole quantity of the Market Order, the remaining portion of the Market Order will be Matched successively with the next best Bid or Ask on the Order Book, until either (i) the whole Market Order has been filled, or (ii) there are no Bids or Asks available to Match with the remaining unfilled quantity of the Market Order and it expires. Therefore, the price at which a Market Order is filled depends on a number of factors, including in particular the liquidity and market depth of the Order Book at the time the Market Order is Placed.
10.2 Limit Orders
10.2.1 A Limit Order can be a Maker Order or a Taker Order.
10.2.2 To submit a Limit Order, Users must specify the relevant Trading Pair and the quantity of the Base Asset to be bought or sold, as well as the Limit Price. A Limit Order may only execute at the Limit Condition. Limit Orders are not assured to be filled.
10.2.3 When submitting a Limit Order, Users may also have the option to specify the TIF of the Limit Order, which may be GTC, IOC or FOK. The default setting is GTC, which will apply unless they specify a different TIF.
10.2.4 Once a GTC Limit Order is Placed, it will be Matched, in whole or in part, with the best available Bid or Ask on the Order Book that satisfies the Limit Condition, if any. If the Size of the best Bid or Ask that satisfies the Limit Condition is not sufficient to Match the whole quantity of the GTC Limit Order, the remaining portion of the GTC Limit Order will be Matched successively with the next best Bid or Ask on the Order Book that satisfies the Limit Condition (if any) until the whole quantity of the GTC Limit Order has been filled or no further Bids or Asks are available that satisfy the Limit Condition. Any portion of the GTC Limit Order that remains unfilled at this stage (the “End of the Taker Phase”) will be added to the Order Book as a Bid or Ask at the Limit Price and will become a Maker Order.
10.2.5 An IOC Limit Order operates like a GTC Limit Order, except that any portion of the IOC Limit Order that remains unfilled at the End of the Taker Phase shall be deemed expired and will not be added to the Order Book.
10.2.6 If a FOK Limit Order is Placed, it will only execute if there are Bids or Asks available that (i) satisfy the Limit Condition, and (ii) have a Size equal to or greater than the quantity of the FOK Limit Order. If no such Bids or Asks are available, the whole FOK Limit Order shall be deemed expired and will not be added to the Order Book.
10.3 Custom Orders
10.3.1 We may, at our sole and absolute discretion, make Custom Orders available on the Exchange and specify the exact requirements, parameters, restrictions, terms and conditions in regard to such Custom Orders.
10.3.2 A Custom Order can be a Maker Order or a Taker Order.
10.3.3 To submit a Stop Limit Order, Users must specify all the parameters relevant to a Limit Order, as well as the Stop Price.
10.3.4 To submit a Trailing Stop Order, Users must specify all the parameters relevant to a Limit Order, as well as the relative price movement in percentage terms from the maximum or minimum price Reached after the Trailing Stop Order is Activated that shall trigger the submission of the Limit Order (i.e. the Trailing Delta). Users may also specify the Activation Price.
10.3.5 To submit an OCO Order, Users must specify all the parameters relevant to a Limit Order, as well as all the parameters relevant to a Stop Limit Order. Both the Limit Order and the related Stop Limit Order constituting the OCO Order will be submitted together. If either the Limit Order or the Stop Limit Order is Matched or cancelled or expires, the other Order will be automatically cancelled.
11. MATCHING OF BUYING AND SELLING INTERESTS & CANCELLATION OF ORDERS
11.1 The Exchange automatically Matches Taker Orders with Maker Orders on the Order Book based on a predetermined set of rules.
11.2 A Taker Order will be Matched with a Maker Order with the best price on the relevant Order Book with Priority, if applicable, and, if only partially Matched with a Maker Order, then it will be Matched with the next best Maker Order with Priority, if applicable. These steps will be repeated until the Taker Order is fully filled, expires or, in accordance with the rules for the relevant Order Type, the remaining unfilled portion of the Taker Order is added to the Order Book and becomes a Maker Order.
11.3 Users may only cancel an Order before it has been Matched. Once the Order has been Matched, Users may not change, revoke or cancel our authorisation to complete the Matched portion of the Order. For any partially Matched Order, Users may cancel the non-Matched part of the Order. Binance reserves the right to reject any cancellation request related to an Order submitted.
12. SETTLEMENT
12.1 Once an Order is Matched, it will be Settled as soon as reasonably and commercially practicable, but in any event within twenty-four (24) hours of the Transaction being executed, subject to any factors outside of Binance’s control, including but not limited to any limitations or malfunctioning of any relevant network not controlled by Binance or Binance Affiliates
12.2 Settlement is final and we will not reverse a Transaction unless:
12.2.1 Binance is required to do so by Applicable Law;
12.2.2 Binance is entitled to reverse the Transaction under these Rules;
12.2.3 the Order, Matching or Settlement, or any parameter relevant to the foregoing, was affected by a Manifest Error; or
12.2.4 The User has not complied with these Rules or the Terms of Use.
12.3 Acting at our own discretion, in the event of a reversal, we are only under an obligation to take reasonable and commercially practicable steps to return Users to the position they were in prior to Settlement, in the event of a reversal of a Settlement. For the avoidance of doubt, in no circumstances shall Binance be liable for any indirect losses (including loss of profits, business or opportunities).
13. PRE-AND POST-TRADE TRANSPARENCY REQUIREMENTS
13.1 Pre-trade transparency
13.1.1 Prior to initiating a Transaction, and for each Trading Pair, Binance makes available on the trading screen of each User or via API, as close to real time as reasonably possible, where applicable, the best Bids and Asks on the Order Book and the relevant quantity;
13.2 Post-trade confirmation
13.2.1 Following the Matching of a Transaction, Binance makes available on the trading screen of each User or via API, as close to real time as reasonably possible, where applicable, the most recently executed Transactions for the relevant Trading Pair (price, quantity).
13.3 Trade records
13.3.1 Binance shall maintain a full audit trail of every Order submitted to the Exchange.
13.3.2 Binance shall, upon instruction from any Competent Authority, provide to such Competent Authority information relating to any Order submitted to the Exchange in order to meet its obligations under Applicable Law.
13.3.3 Binance shall record any information relevant to enable Binance to meet applicable international tax reporting requirements or standards or for law enforcement purposes.
14. MEASURES TO MAINTAIN MARKET INTEGRITY
14.1 Market controls
14.1.1 Binance and Binance Affiliates will, in order to facilitate compliance with its regulatory obligations, take all the necessary steps and action to ensure the trading systems:
(a) are resilient;
(b) have sufficient capacity to deal with peak order and message volumes;
(c) are able to ensure orderly trading under conditions of severe market stress;
(d) are fully tested to ensure such conditions are met; and
(e) are subject to effective business continuity arrangements to ensure continuity of the services provided by Binance if there is any failure of the trading systems.
14.1.2 In order to facilitate compliance with its regulatory obligations, Binance will take all necessary steps and action to:
(a) reject Orders that exceed predetermined volume and price thresholds or which Binance reasonably determines constitute erroneous Orders;
(b) ensure the flow of Orders can be slowed down if there is a risk to the Exchange’s capacity being reached.
14.1.3 Binance may also impose limits per User on the number of Orders sent per second in accordance with section 14.3.
14.1.4 Without limitation to its rights described in these Rules, Binance may, in exceptional cases, cancel, vary or correct any Order and/or Transaction, and suspend or modify any of the Rules.
14.2 Market monitoring
14.2.1 Binance will monitor the behaviour of Users in order to identify any infringement of these Rules, including but not limited to, disorderly trading conditions, Manipulation, Market Abuse or other conduct that may indicate behaviour that is prohibited under Applicable Law, including but not limited to the provisions of the Crypto-Asset Module of the CBB Rulebook, Volume 6, Part A, MAM Prohibition of Market Abuse and Manipulation, Chapter MAM-3 Prohibited Market Conduct, and any other relevant provisions of the CBB Rulebook.
14.3 Trading and position limits
14.3.1 Binance may, in its sole discretion, impose trading and position limits and position management controls and other controls to mitigate and manage its own liquidity, operational and other risks, at any time. As a result, Users acknowledge and agree that they may be prevented from submitting an Order or undertaking other steps at certain times if such actions would cause them to exceed an applicable limit, and that Binance may apply filters to reject an Instruction submitted by a User that does not comply with any relevant limits or controls.
14.3.2 Binance may monitor Users’ positions against the limits or controls imposed by Binance. Any such limits imposed by Binance are solely for its protection and Binance will have no responsibility for monitoring or ensuring Users’ compliance with any limits imposed on their trading activities by them or by any applicable law.
14.3.3 Users agree to comply with any limits or controls imposed by Binance under these Rules and not to take any actions that will cause them to violate any such limits or controls.
14.3.4 To ensure compliance with any Applicable Laws or any limits or controls set by Binance under these Rules, Binance may decline to act on Instructions and/or execute an Order. Binance may also suspend Users’ use of the Exchange, require them to take certain steps, or take any other action that Binance considers appropriate in the circumstances.
14.4 The use of discretionary power in the execution of certain Orders
14.4.1 Without limiting any other clause in these Rules or the Terms of Use generally, and without liability to Users, Binance reserves the right, to (i) decline to process an Order or to suspend, cancel, reverse, void or partially execute an Order and (ii) not to match a specific User Order with other Orders available in the system at a particular time, in particular in the following circumstances:
(a) to comply with any Applicable Laws and regulations;
(b) in case of the suspicion that Orders have been placed for the purpose of Manipulation;
(c) in case of stressed market conditions; or
(d) to protect other Users’ and / or Binance’s interests.
14.4.2 Binance has the authority to determine which Crypto-Assets are listed on the Exchange and may add or remove Crypto-Assets from the Exchange in its sole discretion, from time to time. Binance may also change rules in respect of order parameters, including the order size and tick size available, for each Crypto-Asset. The CBB may also suspend the trading of any Crypto-Asset from such time as it may determine if there are reasonable grounds to do so.
14.5 Breaches of these Rules and disciplinary measures
14.5.1 Binance may take any action it deems necessary or appropriate in the circumstances in order to: (i) ensure Users have not, and do not breach the Terms of Use, the Rules or the code of conduct contained herein; (ii) preserve the fair and orderly operation of the Exchange and; (iii) preserve the integrity of the Binance Exchange.
14.5.2 In addition to temporary suspension or termination of participation, examples of such action include:
(a) warnings;
(b) reprimands;
(c) mandatory training;
(d) qualification minimums;
(e) remediation plans;
(f) compliance audits;
(g) restitution;
(h) contractually agreed penalties;
(i) cancellation of any Orders and any outstanding instructions from the User;
(j) closing, suspending or freezing the User’s Account;
(k) imposing any other conditions on trading including trading prohibitions or restrictions to trading and withdrawals;
(l) reporting the incident to the Competent Authority;
(m) criminal referrals to the Competent Authority for criminal matters in Bahrain; and/or
(n) deleting any information published on the Exchange that is found to be in violation of the Rules or any Applicable Law.
14.5.3 Competent Authorities shall have authority to pursue such additional remedies or disciplinary measures against participants of the Exchange as they determine and may, in their sole and absolute discretion, delegate to Binance the ability to enforce such additional remedies or disciplinary measures upon their written consent.
15. CRYPTO ASSETS ADMITTED TO TRADING ON THE EXCHANGE
15.1.1 Binance will only offer Crypto-Asset Activities in connection with those Crypto-Assets that the Exchange supports. Under no circumstances should Users attempt to use their Account to store, send, request, or receive unsupported Crypto-Assets.
15.1.2 The Exchange takes all reasonable steps including, but not limited to, conducting due diligence to ensure all Crypto-Assets listed on the Exchange meet its Crypto-Asset Requirements prior to, and at all times during, the provision of any Crypto-Asset Activities for which the Exchange holds a Category 4 Crypto-Asset license from the CBB.
15.1.3 The list of Tradeable Assets is provided in real time at the following link: https://www.binance.com/en-BH/trade-rule.
15.1.4 This list may change at any time in accordance with our internal policies and procedures for listing and we will notify you as soon as possible of any changes.
15.1.5 Binance may exclude certain categories of Crypto-Assets that will not be admitted to trading on the Exchange if such Crypto-Assets do not accord with its Crypto-Asset Standards. The CBB may also require the suspension of trading of any Crypto-Asset with effect from such time as it may determine if there are reasonable grounds to suspect non-compliance pursuant to the provisions of Part A, Crypto-Assets, CRA 1.3 of the CBB Rulebook, Volume 6. If the CBB has required the suspension of trading of any Crypto-Asset, it may impose such conditions on the procedure for lifting the suspension as it considers appropriate.
16. COMPLAINTS, NOTICE OF CLAIM, AGREEMENT TO ARBITRATE, GOVERNING LAW, CLASS ACTION WAIVER AND GENERAL TERMS
16.1 For the avoidance of doubt, clauses 31 to 36 (Complaints, Notice of claim, Agreement to arbitrate; Governing law, Class action waiver and General Terms) of the Terms of Use shall apply to any disputes or claims relating to, arising out of or in connection with these Rules, including your assent to these Rules.