Binance Removes a Market Maker for Misconduct Involving SHELL and GPS, Confiscates Proceeds, and Plans Investor Reimbursement

Binance, a popular crypto exchange, has announced strict measures against a market maker. As per Binance, the platform has taken a decisive action to confront the market maker that have participated in a misconduct while offering services to GoPlus Security ($GPS).

Binance, a leading cryptocurrency exchange, has announced the imposition of strict measures against a market maker for their involvement in an instance of misconduct.

The crypto exchange has disclosed that it has taken decisive action to confront the market maker that has participated in a misconduct while offering services to GoPlus Security ($GPS). Binance recently announced this development in a new announcement on Thursday, July 6.

Announces Stringent Measures for Market Maker Over Misconduct

According to Binance, it detected that the market maker is additionally responsible for managing MyShell’s ($SHELL) liquidity operations. Announcing its decision to delist the market maker as well as confiscate its proceeds, the crypto exchange has assured the community that its measures focus on protecting the consumers.

In the case of the market maker’s delisting, the crypto exchange has officially announced its offboarding. In addition to this, Binance has also restricted the market maker from any market-making operations in the future. Simultaneously, the platform has also confiscated the market maker’s illicit proceeds. Subsequently, it intends to allocate the respective funds to reimburse the impacted consumers of SHELL and GPS. The crypto exchange has also mentioned that it will shortly announce the compensation plan’s details.

Crypto Exchange Also Plans Reimbursement for GPS and SHELL Investors for Damages

According to Binance, the actions against the aforementioned market maker underscore its endeavors to maintain a transparent and fair trading environment. Even before this, Binance has consistently been taking proactive measures to segregate users from market irregularities and manipulation.

This move serves as the latest enforcement action that highlights the crypto exchange’s ‘no tolerance’ stance in the case of unethical trading operations. Such activities could destabilize the market and harm investors. Moreover, Binance has advised the SHELL and GPS investors to keep in touch for additional updates dealing with the compensation plan.