Cryptocurrency exchange Binance has taken action against a market maker for GoPlus Security and MyShell, confiscating funds and promising compensation to affected users.
Market Maker Suspension
Binance identified a violation by one of its market makers who was involved with GPS and SHELL tokens, breaching the exchange's regulations. Consequently, the platform suspended the market maker and confiscated all proceeds from its activities to compensate affected token holders.
Binance's Compensation Plans
The exchange has yet to announce the exact method of compensating affected users, but promised that details about the compensation plans would be available in the coming days. Binance assured that protecting users and maintaining a fair trading environment remain top priorities.
New Listing and Delisting Rules
Binance announced new listing and delisting rules, allowing users with more than 0.01 BNB to vote for or against token listings. However, the exchange retains the right to select the tokens up for voting. Meanwhile, the GPS ecosystem was under observation due to suspected price manipulation.
The situation with the market maker for GoPlus Security and MyShell has prompted Binance to make adjustments to its oversight and fair trading practices. The exchange will continue to enhance its monitoring systems to prevent future violations.
