 and MyShell ($SHELL) after learning about unethical trading behavior.){kind=link}
In a surprising turn of events, Binance, has taken action against a market maker connected to MyShell ($SHELL) and GoPlus Security ($GPS) after discovering unethical trading practices.
Following an examination of odd trading trends that sparked worries about the market’s integrity, the decision was made.
Although specifics regarding the anomalies have not yet been made public by the exchange, such actions usually entail unfair trading practices that might disrupt the market, such as wash trading or price manipulation.
Companies or individuals who regularly place buy and sell orders to promote seamless trading and less price volatility are known as market makers. However, unethical market-making techniques, such manipulating order books, might cause price distortion or unfairly benefit market makers.
Binance Bans Market Maker Tied to GoPlus Security and MyShell
The prohibited market maker has been connected to both MyShell, a company that offers blockchain solutions, and GoPlus Security, a cybersecurity company that specializes in blockchain security.
Concerns over possible weaknesses in the cryptocurrency ecosystem have been raised by this relationship, especially with regard to the possibility of connections between organizations engaged in security and blockchain development and possibly harmful activities.
Binance’s action demonstrates its dedication to upholding an equitable and open trading environment. The exchange has continuously taken action to prevent market manipulation and guarantee adherence to legal requirements.
The prohibition reaffirms Binance’s commitment to maintaining market fairness in the cryptocurrency sector by sending a clear statement that it is prepared to act quickly to safeguard its users and the integrity of its platform.
$GPS and $SHELL Price: What is Happening?
Soon after the announcement, both $GPS and $SHELL saw a fall in their prices. However, in the later trading hours, $SHELL recovered from its negative trading pattern to trade up. However, $GPS continued its downwards trading for the rest of the trading hours.
At the press time, $SHELL is trading at $0.2947, up 8.92% as compared to the same time last day. On the other hand, $GPS is trading at $0.04004, down 7.61% as compared to the same time last day.
Additionally, MyShell’s sentiment is currently bearish, and the Fear & Greed Index is at 20 (Extreme Fear). With price volatility over the past 30 days, MyShell recorded 13 out of 25 (52%) green days.
In the same tone, the present market sentiment for GoPlus is bearish, and the Fear & Greed Index is at 20 (Extreme Fear). Over the previous 30 days, GoPlus Security had 13 out of 30 (43%) green days with a price volatility of 29.91%.
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