In a decisive action, cryptocurrency exchange Binance has introduced a Monitoring Tag for the GoPlus Security (GPS) coin following a notable decline in its price. This move aims to ensure that users are well-informed while trading, particularly in light of recent suspicious activities linked to a market maker.
What Triggered the Monitoring Tag?
The decision stemmed from a substantial sell-off between March 4 and March 5, 2025, during which about 70 million GPS coins were offloaded by a specific market maker. Notably, this entity refrained from any purchases during this timeframe.
How Will This Affect Traders?
This particular market maker, who has consistently sold GPS since its trading initiation on Binance, is estimated to have reaped approximately 5 million USDT in profits. In response to these activities, Binance has temporarily suspended the market maker’s account while launching a comprehensive investigation.
Binance’s decision to monitor GPS closely is driven by the potential for escalated market volatility. The exchange has classified altcoins with Monitoring Tags as inherently riskier. To mitigate risks, users must complete testing before engaging in trades involving these coins. Regular assessments of these coins will determine their ongoing listing status. Key considerations include:
- Market activity and trading volume
- Liquidity and network security
- Commitment of the project team
Through these measures, Binance seeks to protect its users by ensuring they are well-prepared for the trading landscape, particularly with high-risk altcoins like GPS.
