Binance Takes Decisive Action: Market Maker Banned for Violating $GPS and $SHELL Trading Policies

Binance bans a market maker for violating $GPS and $SHELL trading policies, confiscating funds and launching a new governance model.

Fridah Kangai
March 11, 2025
12:00 am

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

A market maker is banned for violating $GPS and $SHELL trading policies.
Binance seizes illicit gains and announces compensation for affected users after policy violations.
Binance introduces a new voting system, giving users control over token listings and removals.

Binance permanently banned a market maker for violating policies while trading GoPlus Security ($GPS) and MyShell ($SHELL) tokens. The exchange identified unauthorized trading practices, leading to an immediate suspension before enforcing a lifetime ban to prevent further misconduct.

Binance operated a complete ban on the user and then took possession of all ill-gotten funds from their rule-breaking activities. All assets reclaimed by Binance will serve to fund user compensation. The official documentation regarding compensation payments and who qualifies will be available shortly.

Binance Enforces Strict Measures Against Market Misconduct

The exchange immediately started disciplinary actions when multiple policy violations occurred through the same market maker trading $GPS and $SHELL. Binance froze the market maker’s trading activities for assessment and implemented a permanent trading restriction afterward.

Binance took compensation funds from this illegal activity and devoted them to paying victims. After its official announcement, the exchange plans to reveal all eligibility criteria and details of the distribution process.

The Binance representative declared the company’s dedication to ethical trading practices while preventing all forms of market manipulation. The exchange demonstrates continuous action toward detecting misconduct and preventing market manipulation to uphold market integrity.

Market Reaction and New Governance Initiative

Following the announcement, $GPS declined 11.04% in 24 hours, settling at $0.04038.The value of $SHELL first experienced a downward trend but reached $0.3012 with an increase of 1.26% to stabilize. The market is actively watching price movement since investors monitor this adjustment process.

Binance launched a user vote system through its governance model, which became available to anyone holding at least 0.01 BNB on March 7. This new initiative allows users to gain more control over platform decisions by expanding transparent functionalities.

Binance’s current actions demonstrate its dedication to upholding market compliance with integrity and user safety. The exchange concentrates on developing a clear and dependable user market through rigorous policy implementation and governance frameworks.

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