Binance is preparing changes for the futures platform after “sabotage” …

Binance prepares changes for the futures platform after “sabotaging” its work

Stock exchange cryptocurrencies Binance is preparing to improve the functioning of the futures market for protect users from possible attacks.

Binance Futures VP Aaron Gong posted on Twitter a perpetual schedule for Ethereum. It shows how for a short time price deviated sharply from the remaining levels about $ 390 before $ 571.73 and $ 197.74.

Binance is preparing changes for the futures platform after 'sabotage' ...

“It It was caused by one trader, in both cases, Gong wrote. – We believe that this can be intentionally sabotaged by a competitor. The trader himself lost a lot of money, but is he also triggered stop orders. We will add several changes to limit the impact of such actions in the future “.

First of all, Binance will change the default stop order execution price from the last price to the label price. “Many new users were unaware of the differences and used the last price. Using the price tag will avoid this problem, ”Gong explained..

Besides Togo, stock exchange activates price protection mechanism for of all stop orders including already posted. As a result, such applications are not will be be performed, if the last price and the price of marking will differ significantly.

Also company promises build up staff of market makers to attract more liquidity and to provide the depth of the order books, which will also reduce the risks of repetition of such situations.

Binance is preparing changes for the futures platform after 'sabotage' ...

According to the Skew analytical platform, the turnover of Ethereum futures on Binance per the last 24 hours was $ 1.15 billion. it makes it the second largest market before OKEx and after Huobi.

Binance CEO Changpeng Zhao also commented on the issue, noting that the proposed changes would have a tangible impact on platform users Binance Futures.