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Binance, the cryptocurrency exchange that has recently been in the spotlight due to both legal issues and a decline in trading volume, is making a technical adjustment on its platform. With the new feature offered to customers, users who perform trading operations with specific programs will not have to pay unnecessary commission fees.
New Feature from Binance
On October 11, Binance announced through its official page that a new regulation will be implemented in both spot and futures market trading, starting from October 26. The Self-Trade Prevention (STP) function will be available from this date onwards. Following this regulation, all spot and futures market trades on Binance will default to the STP mode for their pairs and orders.
According to the statement made on the official Binance website, investors who use this feature will be able to check the expiration time of their orders through the transaction history page on both the mobile and desktop applications of Binance.
Introduced in January 2023, Binance introduced this feature for users who perform their trades using specific programs to execute their trades with the engine of an exchange, taking an important step to attract investors operating in this field to the platform.
What is the STP Function?
This function arises when an API (Application Programming Interface) user or a group of related users engage in trading operations among themselves, intentionally or unintentionally. The STP function will prevent API traders from self-trading due to carelessness and will prevent users from unnecessary commission payments for such transactions. This situation was explained in a blog post published on the Binance website as follows:
“Without STP, unintentional self-trading can occur in a competitive market. For example, when orders from separate trading units with unrelated trading strategies using the same unique UID from the same company publish orders that trade with each other.”
Binance officials stated that self-trading within the platform is prohibited and emphasized that this leads to serious market manipulations. They further added:
“Our market surveillance team actively monitors market activities to detect intentional self-trading and other forms of market manipulation. Binance has comprehensive tools to track intentional self-trading and investigate offenders.”
