Hold onto your hats, crypto enthusiasts, because things just got spicy in the world of digital currencies! Binance, the heavyweight champ of crypto exchanges, has dropped a bombshell by cutting ties with a market maker that was up to no good with GoPlus Security (GPS) and MyShell (SHELL). After digging into the situation, Binance found that this market maker was playing dirty by bending the rules for both of these projects.
What’s the response, you ask? Binance gave them the boot and showed them the door for good, making sure they can’t pull any more tricks on the platform. Not just that, they’ve confiscated the market maker’s ill-gotten gains and plan to use them to make things right for the affected users. Stay tuned for more details from the projects themselves on how that’s going to roll out.
Binance is laying down the law, reminding everyone that if you want to be a market maker on their turf, you have to play by their rules. This means keeping order volumes in check, maintaining fair bid-ask spreads, and steering clear of manipulative moves like high-frequency antics. Break the rules, and you’ll face the music!
While mystery hangs around the market maker's identity, causing the rumor mill to churn, some big players have stepped up to clear their names. Animoca Brands, the gaming and Web3 giant from Hong Kong, quickly squashed any whispers about their involvement, stating loud and clear that they have nothing to do with market-making for GPS and SHELL.
GSR, a big fish in the crypto market-making sea, also stepped into the spotlight. They assured everyone that they’re not the sneaky market maker causing a stir. Even though they're investors and partners with GoPlus Security, they clarified they don’t handle market-making for the project. They’re all about integrity and transparency, sticking close to the GoPlus team and offering their unwavering support.
So, while the crypto world holds its breath, waiting for more revelations, these industry heavyweights are making sure their reputations stay squeaky clean. Stay tuned, because this crypto drama is far from over!
