Binance Removes GPS and SHELL Market Maker for Misconduct, Plans to Compensate Users

Binance has announced that after investigating a market maker for GoPlus Security (GPS), it was found that the same entity was also responsible for market-making activities for the MyShell (SHELL) project.To safeguard Binance users, the exchange has taken actions against the market maker’s misconduct. The market maker has been offboarded from the platform, and further market-making activities have been prohibited. The market maker’s proceeds have been confiscated and will be used for compensating users of the GPS and SHELL projects. A detailed compensation plan will be shared at a later date.