Binance, the cryptocurrency exchange, has been scaling its tools to prevent some form of unnecessary trading fees that were associated with unintentional self-trades. It is expected that the cryptocurrency exchange will be fully rolling out the STP function or the self-transaction prevention function for all spot and margin trading users on the 26th of October- which was announced by the blog on the 11th of October.
After the integration had been conducted successfully, the STP mode would be considered to be the default mode for all trading pairs and orders on the spot and margin trading platforms of the cryptocurrency exchange. Once the STP feature is live, the users will be able to check what sorts of orders have already expired due to the STP function on the official website of the cryptocurrency exchange.
Binance Will Be Rolling Out New STP Function
The STP function of the Binance was introduced in January 2023 in order to block the execution of a single order if it would result in some form of self-trade. The function would target the application programming interface traders, who have already set up specific programs to execute trades automatically with the trading engine of the exchange.
For those wondering, self-trading takes place when an API user or a group of related users end up trading with themselves- either intentionally or unintentionally. The STP would enable the API traders to avoid accidental self-trading transactions. It had been mentioned previously that Binance had integrated the entire STP feature for USD margined futures on API in August 2023. Binance went on to note that the STP function was optional and would be taking effect when users opted for it.