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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.