Binance Permanently Removes GPS and SHELL Market Makers… "Market Manipulation Allegations"

# Binance Permanently Bans Market Makers for Severe Misconduct Binance, the world's largest digital asset exchange, has permanently expelled GoPlus Security (GPS) and MyShell (SHELL) market makers due to severe misconduct. The exchange also plans to confiscate the market makers' profits and compensate the affected GPS and SHELL token holders. Binance stated, "A single market maker for GPS tokens was found to be involved in SHELL token market activities, violating exchange policies." Consequently, the exchange has immediately expelled the market maker and permanently banned future market participation. The exchange revealed that all funds generated by the market maker through abnormal activities have been confiscated. These funds will be used to compensate GPS and SHELL token holders. However, specifics on the compensation process for all affected parties are yet to be disclosed. Binance plans to announce the compensation details in the coming days, which will include eligibility criteria, distribution methods, and timelines. Through this incident, Binance has demonstrated its readiness to take stringent actions against policy-violating market makers. A Binance representative emphasized, "User protection and maintaining a fair trading environment are top priorities. This incident showcases our proactive approach to identifying and responding to fraudulent activities. We will continue to strengthen our monitoring systems to prevent similar occurrences in the future." Meanwhile, on March 7, Binance announced new listing and delisting rules, delegating the entire process to community votes. Users holding more than 0.01 BNB can now participate in ‘Listing Votes’ or ‘Delisting Votes.’ However, the exchange retains the right to choose the tokens subject to voting. Binance is enhancing its listing mechanism and introducing its new Community Co-Governance Mechanism for Listings. The 'Vote to List' and 'Vote to Delist' mechanisms will enable greater community participation and give users a stronger voice in the listing process. Read more ????… pic.twitter.com/L2brgc4aoU — Binance (@binance) March 7, 2025