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