Binance, a cryptocurrency exchange, has added a new feature to aid API users in preventing self-trading on their site.
Users of the Binance API will have access to the service starting on January 26. The website and mobile applications of the exchange won't be impacted. Binance said that users who decide not to use the service won't be negatively affected.
The Self-Trade Prevention (STP) function will prevent orders from being executed if they might lead to a self-trade, a practice where users trade with one another to make it appear as though there is more activity than there really is. Therefore, self-trading is viewed as a type of price gouging.
The Binance API is the exchange's service that enables connections to Binance's servers, giving other trading companies the ability to access data and facilitating deals.
About Binance
The Binance exchange boasts some of the lowest transaction costs of all cryptocurrency exchanges and is mostly recognized for trading crypto-to-crypto, or trading across two cryptocurrency pairings. Users who purchase using the native BNB cryptocurrency tokens find great deals and the product has high liquidity.
With the ability to process over 1.4 million orders per second, Binance offers tremendous operating throughput thanks to its multi-tier, multi-clustered design and quality expectations of security and safety. More than 600 different coins, including bitcoin, ethereum, litecoin, and its own native BNB tokens, are supported for trade.
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