The cryptocurrency exchange Binance is expanding the scope of its tools to prevent unnecessary trading fees due to unintentional self-trading.
On October 11th, Binance announced on its blog that it will fully launch the Self-Trading Prevention (STP) feature for all spot and margin trading users on October 26th.
Once integrated, the "Expire Maker" STP mode will become the default mode for all trading pairs and orders on Binance's spot and margin trading platforms. The "Expire Maker" STP mode refers to preventing trades by expiring the remaining quantity of potential makers' orders.
According to the announcement, after the STP feature goes live, users will be able to see which orders have expired due to the STP feature through the trading history page on the Binance official website, Binance App, and Binance desktop app.
Binance's STP feature was launched in January 2023 to prevent the execution of orders that would lead to self-trading. This feature targets application programming interface (API) traders who set specific programs to automatically execute trades through the exchange's trading engine.
Self-trading occurs when API users or a group of related users intentionally or unintentionally trade with themselves. STP allows API traders to avoid unintentional self-trading, helping users avoid unnecessary fees associated with such trades.
"Binance explained, 'Without STP, unintentional self-trading could occur in a competitive market. For example, when orders from different trading units of the same company, using the same unique UID, employ unrelated trading strategies, but coincidentally place orders that trade with each other.'"
While unintentional self-trading can be handled through STP, the exchange prohibits intentional self-trading. "When self-trading is intentionally done to create a false impression of trading activity, it can be considered market manipulation," Binance further stated, adding:
"As mentioned earlier, Binance integrated the STP feature for USD-margined futures on the API in August 2023. Binance noted, 'The STP feature is optional and only takes effect when enabled by the user.'"
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