Binance Bans Market Makers GoPlus Security and MyShell from Operating on the Platform
Date: 2025-03-10 Author: Oliver Abernathy Categories: BUSINESS
Binance has decided to disable market makers GoPlus Security and MyShell due to non-compliance with the platform's trading standards. According to the exchange, these organizations did not provide balanced buy and sell orders, which could lead to artificial changes in market liquidity and price manipulation. In order to protect market participants, Binance has completely banned these companies from any activity on its platform.
The exchange did not specify how exactly users affected by the market makers' actions will be able to receive compensation, but promised to provide more information in the coming days.
Market makers play an important role in cryptocurrency trading, helping to reduce asset volatility and maintain liquidity in the market. However, when using unfair methods, such as order manipulation, they can artificially influence prices, while benefiting at the expense of other participants.
Amid the blocking of these companies, the GPS price fell by 8% in a day, reaching $0.03962. At the same time, SHELL managed to recover after a short-term fall and added 10%, reaching $0.2990. The current market capitalization of GPS is $71.8 million, and SHELL is $80.7 million.
“We are making every effort to protect users and create a fair trading environment. Our goal is to prevent any attempts at market manipulation, so we will continue to upgrade monitoring systems to promptly detect and stop such violations,” Binance representatives emphasized.
In addition, the exchange recently introduced a new Vote to List mechanism, allowing users to influence the listing and delisting of digital assets. Now platform participants can vote for projects that they would like to see on the Binance trading list.
