Binance rolls out STP Function to All Binance Spot and Margin Users

Binance’s STP feature, starting on October 26 for all spot and margin traders, saving from accidental self-trades & fees.
Binance rolls out STP Function to All Binance Spot and Margin Users

Binance is launching a new tool called “self-transaction prevention” (STP) to prevent users from paying trading fees as a result of unintentional self-trades, Beginning on October 26, all users who participate in spot and margin trading will be able to use it.

With this update, all trading pairs and orders on Binance’s spot and margin trading platforms will by default be in the “expire maker” STP mode, as was previously announced on October 11. Once the STP function is active, users may see whose orders have been canceled as a result of it by visiting the transaction history page on Binance’s official website, mobile app, and desktop software.

To stop orders from being executed that would result in self-trades, Binance introduced the STP functionality in January 2023. The function targets traders who use application programming interfaces (APIs) to carry out transactions on the exchange. These automated traders may engage in self-trading, either mistakenly or on purpose. API traders can avoid unintentional self-trades like this and the accompanying costs by using the STP function.

The Straight-Through Processing (STP) technology handles unintentional self-trading transactions, but purposeful self-trading is prohibited on the exchange. Intentional self-trading, which tries to give the appearance of trading activity, is one example of market manipulation according to Binance. A dedicated team at the exchange keeps a close eye on market behavior in order to spot purposeful self-trading and other types of market manipulation. In order to find and look into people who engage in deliberate self-trading, Binance has access to a variety of technologies.

As previously reported, Binance launched the STP functionality for USD-margined futures through API in August 2023. The STP feature is optional and only activates when users choose to enable it, so it’s vital to keep that in mind.

More From The Kangaroo Times

Total
0
Shares
Related Posts
Total
0
Share