In an official announcement dated March 9, 2025, Binance disclosed corrective measures taken against a market maker implicated in irregularities involving GoPlus Security ($GPS ) and MyShell ($SHELL ). Following an investigation, Binance determined that both projects had ties to the same Market Maker whose misconduct warranted immediate action.
Key measures include barring the Market Maker from further activity on the Binance platform and confiscating proceeds for user compensation. Binance emphasized its commitment to maintaining a fair trading environment, assuring users that details of the compensation plan for affected parties would be provided by the respective projects soon.
The #crypto giant reiterated stringent rules for market makers to safeguard transparency and stability. These include maintaining balanced bid-ask orders, sufficient order sizes, stable market spreads, and avoiding disruptive high-frequency activities. Violations of these principles, Binance warned, would result in stern actions to protect users and the ecosystem.
This decisive intervention reflects Binance's dedication to fostering trust and promoting long-term growth in the crypto space. The company assured its community that transparency remains its top priority.
As Binance cleanses its ecosystem of "financial predators," much like the vigilant owls warding off mice, the crypto trading environment moves closer to a balanced, fair landscape.
Stay tuned for further updates on this developing story.