Cointime

Cointime

Download App
iOS & Android

Binance rolls out self-trade prevention for spot and margin trading

Validated Media

Author:Helen Partz

Introduced in January 2023, Binance’s STP functionality is designed to block the execution of an order if it would result in a self-trade.

Cryptocurrency exchange Binance is scaling its tools to prevent unnecessary trading fees associated with unintentional self-trades.

Binance will fully roll out the self-transaction prevention (STP) function for all spot and margin trading users on Oct. 26, the firm announced on its blog on Oct. 11.

Following the integration, the “expire maker” STP mode will be the default mode for all trading pairs and orders on Binance’s spot and margin trading platforms.

Once the STP feature is live, users will be able to check what orders have expired due to the STP function on the Binance official website, Binance App and Binance Desktop App through the transaction history page, the announcement notes.

Introduced in January 2023, Binance’s STP functionality is designed to block the execution of an order if it would result in a self-trade. The function targets application programming interface (API) traders, who set up specific programs to execute trades automatically with an exchange’s trading engine.

Self-trading occurs when an API user or a group of related users trade with themselves, intentionally or unintentionally. The STP enables API traders to avoid accidental self-trading transactions, helping users prevent unnecessary fees associated with such transactions.

Advertisement

Stay safe in Web3. Learn more about Web3 Antivirus →

Related: Decentralized exchanges a magnet for crypto wash traders: Solidus Labs

“Without STP, unintentional self-trading could happen in a competitive marketplace. For example, when orders from separate trading units of the same firm, using the same unique UID, with unrelated trading strategies, happen to post orders that trade with each other,” Binance said.

While unintentional self-trading transactions are handled through the STP, intentional self-trades are prohibited on the exchange. “When self-trading is done intentionally to create an 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 forms of market manipulation. Binance has extensive tools to track intentional self-trading and investigate offenders.”

As previously mentioned, Binance integrated the STP feature for USD-margined futures on API in August 2023. “The STP function is optional and only takes effect when users enable it,” Binance noted.

Magazine: Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, For

Binance
Comments

All Comments

Recommended for you

  • BTC falls below $88,000

     market shows BTC fell below $88,000, currently at $87,997.85, 24-hour decline reaches 0.88%, market volatility is significant, please manage your risk accordingly.

  • The U.S. spot Ethereum ETF saw net inflows of $84.59 million yesterday.

     according to Trader T monitoring, the US spot Ethereum ETF had a net inflow of 84.59 million USD yesterday.

  • ETH breaks $3,000

     the market shows ETH breaking through $3000, currently at $3000.08, with a 24-hour decline of 0.38%. The market is highly volatile, please manage your risk accordingly.

  • Binance Wallet launches "secure auto-signature" service

     according to the official announcement, Binance Wallet has launched the "Secure Auto Sign" (SAS) service: it now supports mnemonic/private key wallets to trade on Binance Wallet (web version).

  • Circle minted 500 million USDC on the Solana network.

    according to Onchain Lens monitoring, Circle has minted 500 million USDC on the Solana network. Since October 11, Circle has issued a total of 18 billion USDC on the Solana network.

  • Sources familiar with the matter: JPMorgan Chase is considering offering cryptocurrency trading services to institutional clients.

    according to Bloomberg, as major global banks deepen their involvement in the cryptocurrency asset class, JPMorgan Chase is considering offering cryptocurrency trading services to its institutional clients. A knowledgeable source revealed that JPMorgan is evaluating what products and services its market division can offer to expand its business in the cryptocurrency field. The source stated that these products and services may include spot and derivatives trading.

  • Federal Reserve Governor Milan: We believe that the policy rate will eventually be lowered.

    Federal Reserve Board member Mylan stated that due to the US government shutdown, there were some anomalies in last week's inflation data; he believes that the US will not experience an economic recession in the near term, but if policies are not adjusted, the US will face an increasing risk of economic recession. We believe that policy interest rates will eventually be lowered.

  • BlackRock deposited 819.39 BTC, worth approximately $73.72 million, into Coinbase.

     according to Onchain Lens monitoring, BlackRock deposited 819.39 BTC into Coinbase, worth approximately 73.72 million USD.

  • Ghana passes law legalizing the use of cryptocurrency

    according to Bloomberg, the Ghanaian Parliament has approved a cryptocurrency legalization bill aimed at addressing the expanding use of cryptocurrencies in the country but the lack of regulation. According to Johnson Asiamah, Governor of the Bank of Ghana, the newly passed Virtual Asset Service Providers Act will facilitate the licensing of crypto platforms and the regulation of related activities.

  • CryptoQuant: Bitcoin network activity cools, market shows clear bearish signs.

    CryptoQuant published an analysis stating that the Bitcoin market continues to be in a bear market state, with multiple network indicators showing a significant cooling of activity. Data shows that the 30-day moving average of Bitcoin is below the 365-day moving average (-0.52%), and the bull-bear cycle indicator confirms the current bear market pattern. The number of network transactions has dropped from about 460,000 to about 438,000, fees have decreased from $233,000 to $230,000, and highly active addresses have reduced from 43.3K to 41.5K, all indicating reduced speculative activity and that the market is in a defensive phase.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company