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#CryptoMarketWatch Important Update: Binance Limits Buying, Only Allows Selling of SHELL & GPS – Opportunity for Investors to Cut Losses?
Binance Closes One-Way Buying of SHELL & GPS
Recently, Binance issued an important announcement regarding two cryptocurrencies MyShell (SHELL) and GoPlus Security (GPS). Accordingly, Binance will temporarily stop allowing purchases of these two coins, only opening selling orders for investors holding (HODL).
This move was made after the exchange discovered unusual behaviors from a Market Maker associated with both projects. Binance has removed this Market Maker from the platform and reclaimed the funds obtained from the opaque activities to compensate users.
Will Binance “Pump” the Price of SHELL & GPS to Help Investors Reduce Losses?
According to some internal information, Binance may conduct a price pump to a necessary level to give investors the opportunity to sell and cut losses instead of being stuck. This means that those holding SHELL & GPS need to closely monitor the prices in the coming days to make reasonable exit decisions.
What Should Investors Do?
1. Closely monitor the prices of SHELL & GPS on Binance. If there are signs of a price pump, it may be an opportunity to cut losses.
2. Wait for detailed announcements from Binance regarding the compensation plan.
Conclusion
This is a rare move by Binance as they directly intervene in the market to protect investors from price manipulation by Market Makers. If you are holding SHELL or GPS, keep a close eye on the market in the coming days to make the best decision.