The green LED means there is power to the drives. The red LED means that there is a fault of the drive system or that the drive is off.
Your current LED state of the BMDC means that the software has loaded to it.
Next step would be to hand crank the X and Y axis to the center of travel.
Turn the drives on (press 3). What happens?
The red LED on the drive should go off. The axis should remain stationary.
If you try to move a handle you should feel a lot of resistance but still be able to move it.
If both axis are drifting, you have lost your position loop. Typically a bad L1 inductor used as a fuse on the BMDC board.
If all this is good go to next step. Home the axis. Normal velocity of homing?
Goes to the end and hits it? Bad marker pulse on that axis or bad switch.
Tell us what is going on.