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 ($GPS). The crypto exchange recently announced this development on its official web portal.
Binance Announces Stringent Measures for Market Maker Over Misconduct
While responding to the market maker serving GoPlus Security (GPS), Binance detected that it was additionally responsible for managing MyShell’s ($SHELL) liquidity operations. Hence, it announced its decision to delist the market maker as well as confiscate its proceeds. In this respect, 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 taking part in 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 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 secure users from market irregularities and manipulation.
This move serves as the latest enforcement action that highlights the crypto exchange’s zero-tolerance approach in the case of unethical trading operations. Such activities could reportedly destabilize the market and harm investors. Moreover, Binance has also advised the SHELL and GPS investors to keep in touch for additional updates dealing with the compensation plan.
Excerpt: Binance removes a market maker for misconduct involving SHELL and GPS, confiscates proceeds, and plans investor reimbursement for affected users.
