Binance, a cryptocurrency exchange, has developed a new tool to assist its API users in preventing self-trading on its site.
The service will be available to Binance API users beginning January 26. The exchange's website and app users will be unaffected.
Binance further stated that the tool is optional and that users who choose not to utilize it will have no consequences.
The Self-Trade Prevention (STP) function prevents the execution of orders that might result in a self-trade, which is an activity in which users trade with one other to create the perception of greater activity than there is. As a result, self trading is regarded as a type of market manipulation.
Binance API is a service provided by the exchange that allows other trading firms to connect to Binance's computers, gaining access to market data and enabling trades.
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