Binance Bans for GPS and Shell after trading in violations

Binance has issued an official report showing the measures taken against the market maker participating in irregular commercial activities for Goplus (GPS) and MyShell (Shell).

After conducting an internal investigation, the exchange of misconduct was determined by the market maker, who served both projects.

Binance cracks

in answerBinance has supplied the market maker and permanently prevented them from carrying out any additional market -making activities on the platform.

In addition, the platform has confiscated the proceeds of the market maker, which will be used to compensate the affected users, with specific compensation plans to reach the projects concerned on a later date.

Binance emphasized that all accredited market makers are required to follow up on strict guidelines. This includes supporting adequate requests, maintaining consistent job differences, as well as refraining from manipulation practices such as high -frequency trading.

The platform also warned that violations of these rules will lead to severe consequences.

Animoca brands, GSR denies relationships with a market manipulation scandal

The uncertainty surrounding the identity of the market maker sparked widespread rumors about any entity that could participate. Nevertheless, some of the leading names in the digital asset industry rejected any explicit connection. Animoca Brands and the Hong Kong Game Company and a major operator in the Web3 area have not been responsible for making the market for GPS and Shell.

that it statement Regarding the same reading,

“In response to the inquiries, Animoca Brands wants to clarify that it is not involved in the market making activities for GoPlus Security ($ GPS) and/or MyShell ($ Shell).”

Likewise, the GSR, a prominent encryption market maker, tackled the issue in light of the Binance behavior and explains that it is not the market maker participating in the violations that Binance identified. While admitting its role as an investor and partner in Goplus Security, GSR has made it clear that it does not provide market making services for the project.

“We can confirm that we are not the market maker referred to in a Binance statement regarding the security of Goplusecurity and we remain committed to supporting the highest standards of integrity and transparency with our customers. As an investor and partner for the GoPlus team, we are in close contact with them and we continue to provide our full support.”