Follow On Google News

Leading Crypto Exchange Binance Introduced a New Feature

  • Binance has added a new function to help API users restrict self-trading on the platform.

  • This Self-Trading Prevention (STP) feature is intended to assist API Spot trading users in avoiding self-trading. 

  • Binance API users will be able to employ a new STP function starting from January 26, 2023.



25 Jan 2023 By : COIN GABBAR
Leading Crypto Excha

As per the company's blog post, cryptocurrency exchange Binance has launched a new function to assist API users in preventing self-trading on the platform.

This Self-Trading Prevention (STP) feature is intended to assist API Spot trading users in avoiding self-trading. Starting from January 26, 2023, Binance API users will be able to employ a new STP function.

It should be noted that the STP function does not apply to Binance's website, mobile app, or desktop app. Additionally, users who do not use this feature will be unaffected.

How Does It Function?

Self-Trading occurs when a user or group of linked users trades with oneself. Because the same individuals are on both sides of the trade, there is no genuine change in beneficial ownership of the transferred assets. Binance STP will halt order execution if it results in self-trading.

The STP function will expire maker or taker orders as the user specifies. Without STP, unintended self-trading could occur in a competitive environment, as per the blog post.

Binance Halts DCG Crypto Trading

Binance is reportedly restricting DCG's time-weighted average pricing algorithm (TWAP) trading technique and possible transactions. The reasons might be legal concerns, a US DOJ investigation, or API shutdown when Genesis declared bankruptcy.

Also read: Saudi Central Bank Advances CBDC Initiative with Fintech Firms & Banks

WHAT'S YOUR OPINION?

EPNOC