Binance, one of the leading global cryptocurrency exchanges, introduces an innovative solution aimed at preventing self-trading. The new feature, primarily aimed at traders using developer interfaces, is primarily designed to protect users from unnecessary fees and unwanted operations.
Binance, a leader among global cryptocurrency exchanges, has decided to launch a new feature aimed at preventing self-trading, also known as self-trade. Thanks to this initiative, users will be able to minimize the risk of unnecessary operations and the associated transaction costs. This tool is mainly addressed to users who use developer interfaces (API) for automated trading.
The official announcement from October 11th states that this feature will be available for all participants of spot trading and margin trading from October 26th. Moreover, after full integration this month, the “expire maker” STP mode will become the default setting for all pairs and orders on Binance’s spot and margin trading platforms.
For those interested, there is an option to check orders that have expired thanks to the STP feature, through the official Binance website, mobile app, and desktop application. Transaction history will provide all the necessary information on this topic.
The company first introduced this tool in January 2023. Its purpose was to prevent the execution of orders leading to self-trading. In August of the same year, Binance introduced the STP feature for USD-based API futures.
It should be emphasized that Binance strictly prohibits intentional self-trading on the platform, treating it as a form of market manipulation. The market monitoring team actively observes all activities in this area and uses advanced tools to track intentional self-trade and investigate possible misconduct.
The introduction of this feature underscores Binance’s commitment to creating a safe and efficient trading environment for its users, especially for those involved in automated trading. The new system will help avoid accidental self-trades and associated fees, promoting fair and transparent trading practices on the platform.
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