This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
Based on the findings from the investigation on one of the market makers (the “Market Maker”) for GoPlus Security (GPS), we have identified the project MyShell (SHELL) using the same Market Maker.
Due to the Market Maker’s misconduct, for the purpose of best protecting Binance’s users, we have taken additional steps as follow:
Offboarded and forbid any further market making activities by the Market Maker on Binance
Confiscated proceeds from the Market Maker for the purpose of compensating users for GPS and SHELL (Detailed compensation plan will be determined and communicated by respective projects at a later date)
General reminder that all projects’ authorized market makers on Binance must comply with the principals and rules as follows:
Place orders for both bid and ask
Ensure sufficient order size within the specified depth levels
Maintain a healthy and stable spread for market activity
Ensure orders remain for a certain amount of time, and prevent market disruption from high-frequency order placement and cancellations
Any project-authorized market makers who do not comply with or breach such principles and rules, Binance will take further actions against such market makers to best protect our users.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Thank you for your support!
Binance Team
2025-03-09
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
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