Binance takes action against market maker for Gps and Shell due to market violations: details
Binance announced taking action against one of the market makers associated with the projects “GoPlus Security” and its digital currency (GPS) and the project “MyShell” and its digital currency (SHELL), after discovering unusual behavior.
The platform clarified that it has canceled and prohibited any further market-making activities by this party, in addition to confiscating the proceeds to compensate the affected users, with a compensation plan to be announced later by the concerned projects.
Binance emphasized the necessity for approved market makers to adhere to specified principles, which include ensuring sufficient liquidity, maintaining a stable price spread, and preventing market disruptions.
It also stressed that it will take additional actions against any market makers who violate these rules, in order to protect its users and enhance transparency in the cryptocurrency ecosystem.
