Binance has announced that it will expand its Tracking Tag to include GoPlus Security (GPS) starting March 7, 2025, following a review of recent trading activities.
Binance Puts Tracking Tag on GoPlus Security (GPS) Amid Market Manipulation Concerns
According to Binance, this decision was made due to significant price declines immediately after GPS was listed on the exchange and concerns regarding the market-making behavior of one of GPS’s designated market makers. The exchange cited the following irregularities:
- 70 million GPS tokens were sold by the market maker between 16:00 on March 4 and 12:55 on March 5
- No purchase order was placed by the market maker during this period.
- The market maker continuously sold GPS tokens immediately after spot trading opened
- Market maker became the biggest profiteer, earning around 5 million USDT
In response, Binance has temporarily suspended the market maker’s account and is conducting an in-depth investigation into the matter.
What Does the Tracking Label Mean?
Tokens with a Watch Label are considered highly volatile and risky, and Binance requires users to pass a test every 90 days before trading.
The quiz is designed to ensure that investors understand the risks associated with these tokens. Tokens marked with a Watch Label may also be at risk of being delisted if they fail to meet Binance’s listing criteria.
Binance stated that it will conduct regular reviews of GPS and other tagged tokens based on the following factors:
- Commitment of the project team
- Development activity
- Trading volume and liquidity
- Network security and stability
- Public communication
- Binance’s response to due diligence requests
- Evidence of unethical or fraudulent behavior
- Overall contribution to the crypto ecosystem
Binance assured users that it will continue to monitor GPS closely and take necessary action based on the latest findings.
*This is not investment advice.
