Binance Enacts Stringent Measures Against Maker Misconduct Involving GPS and SHELL Tokens
by aria-crypto.com
March 10, 2025 at 11:26
Binance Enacts Stringent Measures Against Maker Misconduct Involving GPS and SHELL Tokens
Global crypto exchange Binance has enforced a permanent ban on a market maker due to nefarious activities with GoPlus Security (GPS) and MyShell (SHELL) tokens. The accused market maker was found manipulating markets by creating large disparities between buy and sell orders, essentially driving a $5 million improper profit from rapid sales of 70 million GPS tokens post-listing. As a penalty, Binance has seized funds from the malpracticing market maker aimed to remunerate the adversely impacted GPS and SHELL token holders. This action follows additional findings that the market maker violated high-frequency trading rules causing market imbalances. Binance's remedial strategies include empowering its community through a newly introduced governance model that allows token holders to vote on potential listings and delistings, aiming to enhance transparency and foster trust. Although these revelations caused an 11% drop in GPS token value, SHELL saw a 6.5% rise, reflecting mixed market reactions to Binance’s regulatory adjustments. Further details on the specific compensations are expected soon, while Binance continues to maintain full control over the final listing decisions.
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