Binance has taken decisive action against a market maker involved in irregular trading activities related to two cryptocurrencies.
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After an internal investigation, the exchange found that the same person was responsible for the market making operations for the two tokens – GoPlus Security (GPS) and MyShell (SHELL).
To protect users and maintain transparency, Binance has implemented strict measures. As a result, Binance shut down the market maker from its platform and permanently banned it from further trading activities to maintain the integrity of the market.
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In addition, all revenue generated by the entity’s activities was confiscated, with these funds earmarked to compensate users affected by the irregularities. The specific details of the compensation will be announced by the respective projects at a later date.
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Binance has reaffirmed its commitment to maintaining fair and efficient marketplaces by emphasizing key principles for their creation. These include submitting buy and sell orders to ensure balanced activity, maintaining adequate order sizes within market depth levels, and maintaining a stable spread to ensure liquidity.
The Exchange also cautioned against high-frequency order submissions and cancellations, which could lead to market disruptions. By taking swift action, Binance reinforces its dedication to protecting consumers and ensuring a fair trading environment.
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Alexander Stefanov
