Crypto Exchange Binance Launches A New Function
As per the company’s blog post, cryptocurrency exchange Binance has announced the launch of a new feature to help API users prevent self-trading on the platform.
Details About STP Function
This Self-Trading Prevention (STP) function is to help API Spot trading users to avoid self-trading. Binance API users will be able to take advantage of a new STP function starting on January 26, 2023. It is to be noted that the STP function is not for those trading on Binance’s website, mobile app, or desktop app. Also, users who do not use this feature will not be affected.
How Does It Work?
Self-Trading occurs when a user or group of related users trades with themselves. There is no real change in beneficial ownership of the traded assets as the same participants are on both sides of the trade. Binance STP function will block order execution if it leads to self-trading. The STP function will expire maker or taker orders as specified by the user. The blog post detailed that without STP, unintentional self-trading could happen in a competitive marketplace.
Binance Suspends DCG Crypto Trading
As reported earlier by CoinGape, Binance is reportedly blocking DCG’s time-weighted average price algorithm (TWAP) trading strategy and potential transactions. The reasons could be legal risks, a US DOJ investogation, and API shutdown after Genesis filed for bankruptcy.
Also Read: Binance Acknowledge This Mistake In Customer Funds
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
