Measures taken against the Market Maker for GPS and Shell due to market irregularities (03-09-2025)

Based on the findings of the investigation into one of the market makers (the “Market Maker”) for GoPlus Security (GPS), we have identified the MyShell (SHELL) project that uses the same Market Maker.

Due to the Market Maker’s misconduct, in order to better protect Binance users, we have taken the following additional measures:

The Market Maker has been deregistered and any further market making activities on Binance are prohibited.

Market Maker confiscated revenue for the purpose of compensating GPS and SHELL users (the detailed compensation plan will be determined and communicated by the respective projects at a later date)

General reminder that all project-authorized market makers on Binance must abide by the following principles and rules:

Place both bid and ask orders

Ensure that the order size is sufficient within the specified depth levels

Maintain a healthy and stable spread for market activity

Ensure that orders remain open for a certain amount of time and avoid market disruption due to high-frequency order placement and cancellation.

Binance will take additional action against any project-authorized market makers who fail to abide by or violate such principles and rules to better protect our users.

We appreciate your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term sustainable growth.

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