Binance Crackdown: Bans Market Maker & Compensates Users in $GPS, $SHELL Case

• Binance permanently bans market maker over misconduct with $GPS and $SHELL tokens.  
• Confiscated funds from market maker to compensate affected $GPS and $SHELL users.  
• Binance introduces a governance model and new features for greater transparency and user control.

Binance has taken action against a market maker found involved in misconduct related to the GoPlus Security ($GPS) and MyShell ($SHELL) tokens. 

Specifically, the exchange banned the market maker permanently. This action came after Binance discovered violations of its policies. These violations included participation in both token markets involved in the misconduct.

Binance to Compensate Users with Seized Funds from Misconduct

Going further, Binance also took proceeds from the market maker’s non-compliant activities. The purpose of this action is to compensate affected users. The exchange has promised to share its compensation plan in the coming days.

The platform acted quickly. This swift response occurred when i…

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