The global crypto market is currently recovering from a month-long slump, which is expected to see more participation from traders and investors in the coming days. With trading expected to surge, crypto exchange Binance has decided to take steps to prevent nefarious people from manipulating the market and misleading other users. The company has introduced a new function called ‘Self-Trading Prevention’ (STP) to ensure market manipulators do not expose others to financial risk.
This feature has been launched for users of by Binance APIs. This service from the exchange allows algorithmic traders to automate trading using a programming language.
Enabling the STP feature will limit the execution of self-trading orders in which traders trade with each other to give others the impression that trading activities around a electronic money are more than they really are.
In this way, the aforementioned crypto assets can attract and mislead other gullible traders or investors who are engaged in manual trading and may suffer losses.
“This optional Order API feature will allow users to set an STP parameter for each spot order to determine the consequences of a potential self-deal. There will be no impact on users who do not use the feature,” Binance said in a statement. blog post.
The exchange also posted an official announcement about the feature on Twitter, revealing that the STP functionality will be live starting January 26.
#Binance Spot launches Self-Treatment Prevention (STP) functionality on API.
This optional Order API feature will allow users to set the STP parameter for each spot order.
Learn more :arrow_heading_down:https://t.co/ydCwQZbTIz
— Binance (@binance) January 25, 2023
“Please note that this functionality is only available via the API. Users on Binance Web, the Binance app, and the Binance desktop app will not be affected,” the blog post added.
Binance has decided to enter 2023 with Web3 scholarships and training The program will attract 30,000 people.
The University of Western Australia, the University of Nicosia in Cyprus, the Frankfurt School of Finance & Management in Germany, and the Utiva Technology Center in Nigeria have agreed to participate as educational partners in the Binance initiative.
