It’s important to note that Binance strictly prohibits intentional self-trading on the platform, categorizing it as a form of market manipulation.
Leading global cryptocurrency exchange Binanceis set to roll out its self-trade prevention (STP) feature to help users reduce unnecessary self-executed orders and related transaction fees. The exchange said the tool primarily caters to application programming interface (API) traders who use automated trading programs with its trading engine.
According to an official announcement on October 11, this new functionality will be available to all users engaged in spot and margin trading on October 26.
Binance Users Can Now Check for Expired Orders
The company saidthat upon the full integration later this month, the “expire maker” STP mode will become the default setting for all trading pairs and orders on Binance’s spot and margin trading platforms.
Users can check for orders that have expired due to the STP function on Binance’s official website, the Binance App, and the Binance Desktop App via the transaction history page.
Binance first introduced the tool in January 2023, and it’s specifically designed to prevent the execution of orders that might lead to self-trading. Later in August, the company rolled out the STP feature for USD-margined futures on API. The tool allows users to turn this feature on or off as needed.
The firm has now extended the service to spot and margin traders to prevent users from incurring unnecessary fees and unintentionally executing trades.
“Without STP, unintentional self-trading could happen in a competitive marketplace. For example, when orders from separate trading units of the same firm, using the same unique UID as unrelated trading strategies, happen to post orders that trade with each other,” Binance said.
Binance Monitors for Market Manipulation
It’s important to note that Binance strictly prohibits intentional self-trading on the platform, categorizing it as a form of market manipulation. The company’s market surveillance team is actively monitoring for such activity and other forms of market manipulation.
Binance said the team uses advanced tools to track intentional self-trading and investigate any offenders.
“Our market surveillance team actively monitors market activity to identify intentional self-trading and any other forms of market manipulation. Binance has extensive tools to track intentional self-trading and investigate offenders,” revealed the company.
With this implementation of the self-transaction prevention feature, Binance aims to create a more secure and efficient trading environment for its users, particularly for those engaged in automated trading. The new system will help traders avoid accidental self-trades and the associated fees, promoting fair and transparent trading practices on the platform.
nextBinance News, Blockchain News, Cryptocurrency News, News
Author Chimamanda U. Martha
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
Share:
Newsletter
Your e-mail *
subscribe
Thank you!
You have successfully joined our subscriber list.
WOO co-founder Jack Tan said the repurchase allows the company to move on “without further distractions from the 3AC fallout”.
WOO Network has announced its decision to repurchase shares and tokens it sold to defunct Singaporean hedge fund Three Arrows Capital (3AC) back in 2021. The Taiwan-based trading platform and liquidity provider said in a press release that it has reached an agreement with Teneo, 3AC’s liquidator.
The press release states that WOO has agreed to cancel the shares 3AC bought during a Series A funding round. It will also repurchase 20 million WOO tokens, currently worth about $3.4 million. Reportedly, the tokens have now been sent to a burn address. WOO did not reveal the total value of all the tokens and shares. Also, while WOO raised $30 million in its Series A round, the exact investment from 3AC is unknown. 3AC was the round’s largest investor.
WOO Puts 3AC Uncertainty to Rest
WOO co-founder Jack Tan noted in a statement that the company is happy to clear up any misconceptions about its business with 3AC. Tan claimed:
“We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC’s estate. We are looking forward to executing our mission without further distractions from the 3AC fallout.”
Tan also added that WOO has done a “thorough cleansing” of its system and is looking forward to working with its team and partners following a “concentration of bad news” in the industry over the last 18 months. According to CoinMarketCap data, WOO is trading at $0.1703 after gaining 0.33% in the last 24 hours but losing 3.46% in 7 days. The WOO token has lost more than half of its market capitalization in the last six months.
3AC’s Troubles
Last June, a British Virgin Islands court orderedthe liquidation of 3AC. Shortly after, the company filedfor Chapter 15 bankruptcy in the US Bankruptcy Court for the Southern District of New York. Authorities in Singapore had accused 3AC of providing false information and also crossing its asset threshold.
3AC co-founders Su Zhu and Kyle Davies seemingly went into hidingand were not seen for a while. It later became evident that the hedge fund owed $3.5 billion to more than 25 different companies. Creditors argued that the company’s management could no longer be trusted and had asked the British Virgin Islands court to order a liquidation. At its peak, 3AC managed more than $10 billion worth of funds. However, several events, including a disappointing investment in Luna, forced 3AC into insolvency.
Furthermore, filings from creditors alleged that the co-founders used company funds to purchase several properties, including a $50 million yacht.
Late last month, police in Singapore arrested Su Zhu at Changi Airport as he was trying to leave the country. Teneo had announced that it received a committal order against the co-founder because he did not cooperate with the liquidation investigation. The order was a prison sentence of four months. Teneo added that Davies also received the same order. However, the current whereabouts of the co-founder remains unknown.
nextBlockchain News, Cryptocurrency News, News
Author Tolu Ajiboye
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Share:
Newsletter
Your e-mail *
subscribe
Thank you!
You have successfully joined our subscriber list.
The move signals a major stride on the part of JPMorgan as it intensifies its efforts towards boosting the commercial applications of blockchain technology.
United States’ largest bank by assets, JPMorgan Chase & Comay have started using its blockchain-based collateral settlement for customers. This follows after a recent transaction between BlackRock Inc and Barclays Plc saw the duo use JPMorgan’s Tokenized Collateral Network (TCN) to effect the trade.
According to Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, BlackRock had used TCN to turn some shares into digital tokens before transferring the same to Barclays as collateral in an over-the-counter (OTC) derivatives deal the duo had going on. Lobban shared this while speaking in an interviewwith Bloomberg.
Meanwhile, the move signals a major stride on the part of JP Morgan as it intensifies its efforts towards boosting the commercial applications of blockchain technology.
JPMorgan Redefining Blockchain Technology in Finance
For what it’s worth, it is rarely seen that a bank develops a blockchain app. However, JPMorgan may be setting the pace in that area. That is even though the volumes, for now, are still tiny in comparison to the bank’s overall business.
For context, Wall Street firms have spent nearly a decade looking for ways to simplify some of their more complex processes using blockchain technology. However, the limited number of applications being used commercially makes one wonder whether the technology has any real-life applications in finance.
Now though, it appears that previous barriers in terms of complexity may be broken. According to JPMorgan’s Lobban, using the bank’s blockchain network Onyx Digital Assets, the collateral moved almost instantaneously. Thus, creating a better experience than before that one had to wait for an entire day.
With the app, JPMorgan hopes to eventually allow clients to use other assets as collateral. As Ed Bond, head of trading services at JPMorgan says, clients will eventually be able to use equities and even fixed income as collateral. To this end, Bond noted in an interview:
“Institutions on the network can use a wider scope of assets to meet any collateral requirements they have on the back of trading.”
Other Banks Are Keen on Floating Blockchain Projects
Meanwhile, just as JPMorgan is pushing, many of its biggest rivals also appear to be highly invested in blockchain and digital-asset projects.
Goldman Sachs Group Inc, for instance, unveiled its digital-asset platform last November. Whereas, asset managers, including Franklin Templeton, have also shown keen interest in using blockchain technology to process transactions for their funds.
nextBlockchain News, Cryptocurrency News, News
Author Mayowa Adebajo
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
Share:
Newsletter
Your e-mail *
subscribe
Thank you!
You have successfully joined our subscriber list.
