Binance Introduces Self-Transaction Prevention Feature
Crypto giant Binance is taking steps to reduce unnecessary trading fees associated with unintentional self-trades. On Oct. 11, the firm announced that the self-transaction prevention (STP) function will be fully rolled out for all spot and margin trading users on Oct. 26.
The “expire maker” STP mode will become the default mode for all trading pairs and orders on Binance’s spot and margin trading platforms. To keep track of any orders that have expired due to the STP, users can check the transaction history page on the Binance official website, Binance App, and Binance Desktop App.
Binance STP Functionality
Binance’s Self-Trade Prevention (STP) feature, which launched in January 2023, is created to stop orders from executing if it will result in a self-trade. This is targeted at API traders, who use programs to trade with the exchange’s trading engine.
Self-trading is when a single user or a group of related users trade with themselves, either intentionally or unintentionally. The STP helps API traders avoid accidental self-trading and the fees associated with it.
Without the STP, unintentional self-trades can happen in a competitive marketplace. For example, when orders from the same firm, with the same unique UID, and different trading strategies, are posted and end up trading with each other.
The STP handles unintentional self-trading, while intentional self-trades are not allowed on the Binance crypto aggregator app. Intentional self-trading is considered a form of market manipulation, according to Binance.
In August 2023, Binance enabled the optional Straight Through Processing (STP) feature for USD-margined futures on its API. According to Binance, the STP feature is only activated when users choose to enable it.
By integrating the STP feature to its crypto aggregator app, crypto feed api and crypto app reddit, Binance has provided the best live crypto experience to its users. This has also helped crypto blogs and crypto aggregator api to get access to crypto binance and block crypto.Subscribe to our email newsletter to get the latest posts delivered right to your email.
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