Crypto giant Binance has shut down a market maker linked to GoPlus Security ($GPS ) and MyShell ($SHELL ) after detecting trading irregularities.
๐ด What Happened?
On March 9, Binance announced the termination of this entity due to unethical trading practices. Their proceeds have been confiscated to compensate affected users, with a detailed refund plan coming soon.
โ ๏ธ Why This Matters:
Market makers stabilize crypto prices, but manipulation can lead to unfair trading advantages. Binance found this entity violating key rules, such as:
โ
Maintaining fair buy/sell orders
โ
Providing adequate liquidity
โ
Preventing disruptive market behavior
๐ Market Impact:
GPS Token fell 14% after the announcement.
SHELL Token initially dropped 4% but has since recovered.
๐ฅ Binanceโs Crackdown on Market Integrity
This move is part of Binanceโs broader efforts to improve accountability & transparency:
โ
New Governance Model โ Users can now vote on token listings/delistings.
โ
Pre-Market Trading & Listing Features โ Ensuring a fairer crypto ecosystem.
โ
No Listing Fees โ With airdrop incentives for users.
