Cryptocurrency exchange Binance is expanding its tools aimed at preventing unnecessary trading fees associated with unintentional self-trading.
Binance will fully roll out self-trading prevention (STP) feature to all spot and margin trading users on October 26 declare Published on his blog on October 11th.
After integration, the “Expiration Maker” STP mode will become the default mode for all trading pairs and orders on Binance’s spot and margin trading platforms.
The announcement stated that after the STP function is launched, users will be able to view which orders have expired due to the STP function on the Binance official website, Binance App and Binance Desktop App through the transaction history page.
introduce In January 2023, Binance’s STP feature was designed to prevent order executions that would lead to self-trading. This feature is targeted at Application Programming Interface (API) traders who set up specific programs to automatically execute trades using the exchange’s trading engine.
Self-dealing occurs when an API user or a group of related users intentionally or unintentionally transacts with themselves. STP enables API traders to avoid unexpected self-service transactions, helping users avoid unnecessary fees associated with such transactions.
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“Without STP, unintentional self-trading can occur in a competitive market. For example, when orders from different trading desks of the same company, using the same unique UID, with unrelated trading strategies, happen to issue mutual orders. orders for the trade,” Binance said.
Although unintentional self-trading is handled through STP, the exchange prohibits intentional self-trading. “When self-trading is intentionally conducted to create the illusion of trading activity, it can be considered a form of market manipulation,” Binance wrote, adding:
“Our market surveillance team actively monitors market activity to identify intentional self-trading and any other form of market manipulation. Binance has a wide range of tools to track intentional self-trading and investigate violators.”
As mentioned earlier, Binance Fusion In August 2023, API USD margin futures launched the STP function. “The STP feature is optional and will only take effect when enabled by the user,” Binance noted.
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