Binance is starting to clean up active market makers, the real drama is just beginning! Binance has finally made it clear this time. On the surface, it is issuing a market maker risk warning. The actual meaning is very direct: I know how you've been playing these years. If I play again in the future, I will deal with you according to the rules. The problem is that it's already too late to take action on this matter until now. GPS、SHELL、MOVE， Moving on to SIREN. One after another. It's not a small mistake. It was the proactive market maker who fiercely dealt with project parties, retail investors, bears, and platform credit under the platform's nose. So this is not a simple rectification. It's more like Binance's hero breaking his wrist 1. The most profitable thing in a bear market is not necessarily market making, not necessarily market making, often it is selling under the name of market making. During a bull market, the job of market maker was quite normal. Hang bilateral orders. Supplement liquidity. Eat some price difference and commission rebate. When a bear market comes, this set of things will completely lose their flavor. No new money. There is no real buying opportunity. Many new projects, even if listed on Binance, cannot sustain the market. At this point, the active market maker arrived. Their promise to the project team is simple: Give me the currency. I will handle the liquidity. I will stabilize the price. I'll handle the transaction. Sounds like a lifesaver. Actually, many times it's just another form of shipping arrangement. The project party provides low-cost or even zero cost chips. Market makers use the name of "market making" to slowly pour these goods into the market. The biggest pitfall is that often it is not providing true bilateral liquidity. But it's creating a false impression that the market is quite healthy. The list is hanging. There is also a quantity. It seems that someone is taking over. But once someone really sells a large amount, there won't be anyone taking it down below. The price just collapsed like this. 2. GPS, MOVE, SIREN and other things are exploding together, not because of bad luck, but because the entire gameplay is already flawed. GPS was already quite typical that time. Not long after going online, only selling without buying. 70 million tokens were smashed out, and the coin price dropped directly from 0.14 US dollars to 0.04 US dollars. SHELL is also similar. It fell all the way from $2.3 to $0.3. The curves are almost identical. MOVE is even more exaggerated. 66 million tokens were sold, resulting in illegal profits of 38 million U. This number can no longer be explained by "a bit large fluctuations". Then there is SIREN. Pull it first. Crazy pull. Make it a hot spot in the market. Draw in the bears. Go ahead and explode empty orders again. Finally, it began to collapse. Within 72 hours, it dropped by 71%. Retail investors are taking in. The bears are exploding inside. The control panel tightly holds the rhythm. If you look at these things together, you will find that this is not just any unlucky project. The entire business logic is like this. Take the chips ahead. Make packaging in the middle. Find liquidity for shipment later. The market is ultimately responsible for accepting orders. 3. Binance is issuing rules now, not because they suddenly figured it out, but because if they don't take action, they won't be able to hold their own. The "red flag behaviors" listed in this announcement are actually very specific: Radical selling. Unilateral hanging of sell orders. Cross platform coordinated selling. Abnormally high trading volume. Abnormal fluctuations caused by insufficient liquidity. Can you translate these words into a retrospective version of the past few accidents. What really matters is not these definitions themselves. But Binance has officially institutionalized one thing: I used to deal with you temporarily. There are rules, basis, and the ability to directly blacklist you when dealing with you now. This is different now. Because blacklisting in the Binance system is not just a warning. It's freezing the account. Confiscate profits. Don't expect to continue doing this business on this platform in the future. And it doesn't just deter market makers. And also the project team. Who are you looking for to make a market? How to sign the contract? Is there any profit sharing? Is there a minimum guarantee arrangement? Binance needs to look at these things now. That is to say, in the future, many projects that want to join Binance not only need to pass the project itself, The interest arrangement behind you also needs to pass. 4. But don't get too excited too early. Rules can make this business more difficult to do, but that doesn't mean it can be done or not. The reason is simple. Binance can keep track of the Binance market. But active market makers are never just playing in one place. This platform. That platform crashed. Chain rotation. Cutting the vest. Multi address linkage. It's hard to see the whole picture on a single platform. More importantly, the root of the problem still lies. As long as the project team is willing to exchange free tokens for so-called 'liquidity services', As long as market makers continue to obtain low-cost chips from energy sources, This business will not disappear. Change the shell. Change your name. Change the platform. Keep working. So what can Binance do the most this time? Raise the cost. Raise the risk. Raise the pressure. Is it useful? Of course there is. But there is still a long way to go before we can truly solve the problem. Because the internal blacklist of the platform is ultimately just an internal blacklist of the platform. The platform can block you. You can be frozen. The income can be confiscated. But the platform is not a law enforcement agency. Many proactive market makers do these things, which should be at the level of regulatory and judicial intervention in normal financial markets. If in the end, the platform only checks, punishes, and blocks itself, That's essentially the platform itself being the referee. This is definitely not enough. 5. Retail investors need to first see one thing clearly: often what you see is not the market, but the market prepared in advance by others. Do you think there is liquidity. Actually, it may only be selling pressure. Do you think there is trading volume. Actually, it may just be the amount of performance. You think price is discovering value. Actually, it's just chips looking for a deal. Just because you understand this doesn't mean you can win. The information gap still exists. The advantage of rules still exists. The platform power is still there. But at least you know how this table is played.