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Binance Introduces Function for API Users to Prevent Self-Trading
The service will be available to Binance's API users from Jan. 26. Users of the exchange's website and app will not be affected.
Updated May 9, 2023, 4:06 a.m. Published Jan 25, 2023, 9:23 a.m.
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Cryptocurrency exchange Binance has introduced a function to help its API users prevent self-trading on their platform.
The service will be available to Binance's API users from Jan. 26. Users of the exchange's website and app will not be affected.
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Binance added that the feature is optional and there would be no impact to users who choose not to use it.
The Self-Trade Prevention (STP) function will block the execution of orders that would result in a self-trade, an activity in which users trade with each other in order to create the illusion of there being more activity than there actually is. Self-trading is therefore considered a form of market manipulation.
Binance API is the exchange's service allowing other trading firm's to connect to Binance's servers, getting access to market data and enabling trades.
Read more: Binance Mistakenly Mixed Crypto Exchange's Customer Funds With B-Token Collateral: Bloomberg
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