Following a recent review of trading activities, Binance has announced that it will expand its tracking tag to include Goplus Security (GPS) from March 7, 2025.
Binance places tracking tags on Goplus Security (GPS) amid concerns about market manipulation
According to Binance, the decision was made due to a significant price drop shortly after GPS was listed in exchanges and concerns about the market establishment action of one of the market makers with which GPS was designated. The exchange cited the following irregularity:
- 70 million GPS tokens were sold by market makers between 12:55 on March 4th and March 5th
- During this period, no orders were placed by the market makers.
- Market makers continued selling GPS tokens shortly after the launch of spot deals
- Market makers became the biggest profiter, earning around 5 million USDT
In response, Binance temporarily suspends its market maker accounts and conducts a detailed investigation into the issue.
What does tracking label mean?
Tokens with watch labels are considered very unstable and dangerous, and Binance requires users to pass the test every 90 days of a transaction.
The quiz is designed to ensure investors understand the risks associated with these tokens. Tokens marked with watch labels also run the risk of delisting if they do not meet Binance’s listing criteria.
Binance said it will conduct regular reviews of GPS and other tagged tokens based on the following factors:
- Project Team Commitment
- Development activities
- Transaction 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 ensured that users continue to monitor their GPS closely and take necessary actions based on the latest findings.
*This is not investment advice.
