Binance customers have traded against themselves with real money for six years
Apparently, trading against oneself is so commonplace at Binance that the exchange is proudly announcing self-transaction prevention (STP). No, STP won’t stop Binance executives from trading against their customers, despite the general prevalence of this industry practice. Instead, Binance executives are adding this “feature” for customers to stop trading against themselves — a full six years since the founding of Binance. It appears that the practice is so rampant that rolling out the feature will take several weeks. Binance customers may continue to trade with themselves until October 26 at 16:00 EDT. That window opportunity may be around for longer. Detailed API documentation provides computer codes for users who wish to continue trading against themselves, even after STP becomes a default setting. Trading against themselves with real money Trading against oneself might appear absurd on its face. It’s a guaranteed way to lose money on trading fees and, ...