Binance has banned Goplus security and market makers linked to Myshell after detecting irregularities in transactions.
According to a March 9 announcement on Binance's official blog, Exchange has terminated the entity from market production activities and confiscated revenue to compensate affected users. Details of the compensation plan will be announced later by each project.
A market maker is a company or person who consistently sells buy and sell orders to reduce smooth trading and price volatility. However, unethical market production practices such as operating order books can distort prices and provide unfair benefits to market makers.
It turns out that the market maker in question has broken Binance rules, including maintaining fair order forms with balanced buy and sales orders, ensuring proper liquidity and preventing destructive trading behavior. To protect user interest and market integrity, Binance shuts down the entities.
Following the announcement, investor uncertainty reduced GPS by more than 14%, while shell recovered after a 4% decline. Binance reaffirmed its commitment to enforce strict adherence to trading standards by all market participants and taking appropriate action against those who do not.
This action is part of Binance's larger initiative to improve accountability and transparency. Users can now vote for token lists and registrations thanks to the exchange model introduced on March 7th. Binance users who have at least 0.01 bnb can affect the list or deleted projects.
Binance also adds several listing features, including pre-market transactions for specific tokens, direct spot listings, and LaunchPool's agricultural incentives. According to the exchange, it does not charge a listing fee and informs users when the project allocates marketing budget to the list. Such funds are returned to the user in the form of airdrops.
Regarding the current state of the cryptocurrency sector, Binance founder Changpeng Zhao said in a March 10 post for X, which pursues short-term profits rather than supporting ethical teams aimed at long-term growth. He highlighted the need for patience and strategic investment for long-term success in the cryptocurrency industry.
