Binance: We have delisted the non-compliant market makers for GPS and SHELL, and confiscated their related earnings to compensate project users.
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Binance: We have delisted the non-compliant market makers for GPS and SHELL, and confiscated their related earnings to compensate project users.
According to an official announcement, Binance, during its investigation into a market maker for GoPlus Security (GPS), discovered that the same market maker was also responsible for market-making activities for the MyShell (SHELL) project. The investigation revealed that this market maker engaged in market misconduct. As a result, Binance has delisted the entity and banned it from conducting any further market-making activities on the platform, while confiscating its related earnings. These confiscated proceeds will be used to compensate users of the GPS and SHELL projects. Specific compensation plans for affected users will be determined and separately announced by the GPS and SHELL project teams.
Navigating Web3 tides with focused insightsTechFlow news, March 9 — According to an official announcement, Binance discovered during its investigation into a market maker for GoPlus Security (GPS) that the same market maker was also responsible for market-making activities for the MyShell (SHELL) project. The investigation revealed that this market maker engaged in market misconduct. As a result, Binance has delisted the entity and banned it from conducting any further market-making activities on the platform. Additionally, Binance has confiscated the related profits, which will be used to compensate users of the GPS and SHELL projects. Specific compensation plans will be determined and announced separately by the GPS and SHELL project teams.
In the announcement, Binance reiterated its requirements for project-authorized market makers, including ensuring bid and ask orders are properly supported, maintaining sufficient order size and order book depth, and avoiding excessive order placement and cancellations that could disrupt the market. Binance stated it will take further actions against market makers violating these rules to protect user interests.
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