Binance Places GoPlus Security (GPS) Under Monitoring Tag

Binance has announced that it has placed GoPlus Security (GPS) under its Monitoring Tag due to significant price volatility and concerns regarding the trading activities of certain market makers. The exchange warned investors about the high-risk nature of GPS and advised them to proceed with caution.

According to Binance, following the listing of GPS for spot trading, a designated market maker sold approximately 70 million GPS tokens without executing any buy orders. This continuous sell-off resulted in a profit of 5 million USDT for the market maker. Finding these transactions suspicious, Binance temporarily suspended the market maker’s account and launched a thorough investigation.

The Monitoring Tag applies to tokens considered riskier and more volatile than other crypto assets. Binance stated that these tokens are regularly reviewed and may be delisted if they fail to meet the platform’s criteria. Additionally, users must complete a risk awareness test every 90 days to continue trading assets under this category.

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GoPlus Security experienced a sharp decline in value after its listing, and Binance’s latest announcement led to further price drops. The exchange reassured users that it will continue monitoring GPS and other tagged tokens closely, taking necessary actions to maintain market integrity.

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