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Cryptocurrency exchange Binance has announced the addition of a Monitoring Tag for GoPlus Security (GPS) coin. This decision follows a significant price drop experienced by GPS and suspicious activities from a market maker. Binance aims to ensure users engage in informed trading while closely monitoring such altcoins.
Reasons Behind the Monitoring Tag for GPS
Binance based its decision on a major sell-off that occurred from March 4 to March 5, 2025. During this period, approximately 70 million GPS coins were sold by a specific market maker, who notably did not make any purchases during this time.
This market maker, which has continuously sold GPS since its trading began on Binance, reportedly made around 5 million USDT in profits. In response, Binance temporarily suspended this market maker’s account and initiated a thorough investigation.
Given that such actions can create high volatility in the market, Binance has decided to closely monitor GPS. Altcoins with Monitoring Tags carry higher risks compared to other listed altcoins, and users must undergo testing before trading such coins. Binance will continue to evaluate these coins and review their listing status when necessary.
Implications of a Monitoring Tag for an Altcoin
Binance defines altcoins with Monitoring Tags as indicators of high risk and volatility. Users are required to take a risk test every 90 days before trading on either the Binance Spot or Binance Margin platforms. These tests are routinely conducted to help users understand potential risks.
Additionally, coins with Monitoring Tags are displayed on relevant trading pages and the Market Overview page. Binance conducts regular reviews to assess the possibility of delisting such coins in the future. When evaluating these coins, Binance also considers the project team’s commitment, trading volume, liquidity, and network security.
