Binance is adding foreign exchange to its crypto derivatives platform, starting with a 24/7 perpetual contract linked to the US dollar against the Brazilian real.London's trading industry is coming home!The move follows Bybit’s launch of three FX majors earlier this month.How Binance FX Perpetual Futures WorkThe USDBRLUSDT contract is scheduled to begin trading on 21 September, according to the Binance announcement. It will settle in USDT, offer leverage of up to 100x and provide synthetic exposure to USD/BRL without delivering either currency.To keep the contract trading around the clock, Binance will use third-party FX prices during conventional market hours and switch to an index derived from its own order book on weekends and public holidays.The second method allows trading to continue when institutional FX quotations are unavailable, although the contract’s reference price may diverge from the last conventional market price until trading resumes.Crypto Exchanges Add Currency PerpetualsThe announcement comes 13 days after Bybit listed EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT perpetuals. Those contracts also trade continuously, settle in USDT and offer leverage of up to 100x through Bybit’s Unified Trading Account.Kraken entered the market earlier, launching five FX perpetuals in April 2025. Its initial range covered euro, pound, Australian dollar, yen and Swiss franc pairs with leverage of up to 50x and reference prices based on dxFeed composite indices.Unlike FX CFDs, which are generally bilateral contracts between a broker and its client, crypto-style perpetuals use exchange order books, stablecoin collateral and recurring funding payments. They also have no fixed maturity.The expansion comes as institutional participation in traditional listed currency markets is also rising. CME’s combined FX futures and options open interest reached a record 4.41 million contracts earlier this month, while asset managers’ notional open interest exceeded $200 billion, according to CME figures.CME serves a predominantly institutional market through centrally cleared futures and options. Binance and Bybit instead offer perpetual contracts with stablecoin margin, high leverage and infrastructure developed for crypto traders.Binance said availability would remain subject to jurisdictional restrictions. Trading will be operated by ADGM-regulated Nest Exchange, with clearing and settlement handled by Nest Clearing and Custody. Binance has not identified which currency pairs may follow USD/BRL.This article was written by Tanya Chepkova at www.financemagnates.com.