March 21 news: Binance has launched the first round of voting for delisting. Each user holding 0.01 BNB can participate in the vote. The voting period is from March 21, 2025, 06:30 (UTC) to March 27, 2025, 23:59 (UTC).
The voting results are not the only factor determining the final delisting decision. Project monitoring is still under evaluation, and the final decision will be made by Binance according to Binance's official review process and standards. In addition, the delisting timeline will depend on Binance's procedures. This voting includes options such as JASMY, ZEC, FTT, ELF, SNT, STPT, BAL, ARK, GPS, MBL, PROS, CTXC, HARD, BETA, CREAM, FIRO, VIDT, NULS, TROY, ALPACA, UFT.
Once voting goes online, it may be due to the $GPS incident where the Binance market maker dumped, making the price trend look very bad, and most users lost money. In a short time, a large number of users voted to delist GPS, causing GPS to become number one in the voting rankings.
The GoPlus team, after listening to community feedback, held this AMA on Twitter to clarify and explain the events related to the Binance vote, market makers, repurchases, etc., and answered everyone's questions.
AMA replay link: https://x.com/mirrorzk/status/1903068194673439100?s=46
The following will summarize the key points from the AMA:
Question 1: Why has there been no repurchase for so long?
Question 2: Why does the project party have to wait until April for compensation?
Question 3: Issues related to market makers.
Question 4: Next week's new product release.
Question 5: Predict the probability of GPS being delisted from Binance, and what the team will do if it is delisted.
My view on goplus.
Question 1: Why has there been no repurchase for so long?
@gbeekeeper Allen's summary of responses:
Ten days ago, we announced the repurchase and compensation plan on our official Twitter. We will use the USDT assets generated from GPSGPS transactions in the previous market maker's account (current balance of 4.34 million USDT) to repurchase GPS and burn it.
(Official Twitter link: https://x.com/GoPlusSecurity/status/1899452764755001613)
The long wait for repurchase is because the account receiving the repurchase funds must be a corporate account at Binance; personal accounts cannot accept frozen funds. The team registered a Binance corporate account using the company as soon as possible, but the KYB (Know Your Business) certification process takes time, especially for required materials like the COI (Certificate of Incorporation) which needs to be reapplied, and it is only processed on weekdays. Therefore, the entire process took several days.
Coincidentally, shortly after Binance released the voting for delisting, the registered corporate account passed the review and can now receive frozen funds for repurchase. The frozen funds are expected to arrive by next Monday at the latest (because it is unclear whether Binance can transfer out over the weekend, it may have to wait until Monday's workday).
Below is a screenshot evidence of the KYB process email sent by Allen in DC.
Regarding the long repurchase process, we did not communicate with the community in a timely manner, only providing vague answers about being in progress without clarifying that the funds had not yet arrived due to KYB reasons, leading to misunderstandings in the community.
The rapid repurchase by Myshell after announcing the repurchase plan may be because they already had a Binance corporate account in advance.
Question 2: Why does the project party have to wait until April for compensation?
@gbeekeeper Allen's summary of responses:
The compensation funds are provided by goplus, and goplus and the Binance team jointly formulated the compensation formula. However, the specific compensation details, timeline, and execution of compensation are completed by the Binance team.
We will actively communicate and provide feedback to the Binance team to see if we can expedite the compensation time, but the final compensation time is not something goplus can decide.
Question 3: Issues related to market makers.
Summary of responses:
The market makers of goplus are all our investors, and we have also contacted many market makers. Choosing this market maker is backed by investors, and after background checks, their cases this year have also performed well.
Why did the market maker dump, the team is also unclear. We do not interfere with market behavior; finding a market maker is to let them manage liquidity, and professional matters should be handled by professionals. We are not the first to list on Binance; the first was on Bybit, where the token performed well at that time. We have always trusted the market makers and did not anticipate such incidents with the Binance market maker, which exceeded the team's experience and understanding. The team also recognizes its lack of experience in the secondary market.
Goplus has been building for over five years, and the team will not sell its chips for profit just for a Binance listing.
We have already terminated cooperation with the market maker, hired more professional consultants, and the new market maker is actively progressing. This time the team will learn from the lessons.
Question 4: Next week's new product release.
Summary of responses:
1. Goplus is creating a comprehensive security layer; GPS assets need to be able to circulate and be used across various chains. We will support GPS to cross from the base chain to other chains next week.
2. GPS will be linked to security services.
3. A brand new version of the plugin is released.
Question 5: Predict the probability of GPS being delisted from Binance, and what the team will do if it is delisted.
Summary of responses:
We are definitely confident in GPS and believe it will not be delisted.
Among the projects voted on, many project parties have disappeared, and there are projects without liquidity.
Although we made mistakes, we have excellent products and services, and we are actively working to resolve this issue, including holding AMAs to communicate with everyone, pushing compensation plans, and releasing new products.
If the worst outcome occurs, the entire goplus team will actively face it.
My view on goplus.
1️⃣ From the AMA, it can also be heard that the goplus team is technically oriented, perhaps not good at expression, but they will not collude with market makers to sell their chips for profit. I still trust the team relatively. This incident has taught goplus a very expensive lesson; I hope the team can learn from the experience and get out of this predicament.
2️⃣ Regarding goplus's products and services, they are still quite outstanding. Everyone should be familiar with goplus's security services and detection plugins. What many people don't know is that recently, after BNB Chain gained popularity, goplus's locker income has significantly increased. The tokens on four.meme are all using goplus's protocol and locker, and the income can be viewed on defillama: https://defillama.com/protocol/goplus-security
3️⃣ Regarding whether GPS will be delisted, I definitely believe it will not.
Currently, due to the impact of GPS's sharp decline, many investors who lost money have voted for GPS, pushing it to the top of the list. However, as the repurchase funds arrive and the price stabilizes, investors will regain rationality and make reasonable choices. Moreover, Binance is fully aware that the sharp decline of GPS is due to the market makers, and goplus itself is also a victim. Additionally, goplus is an important partner of BNB Chain, and Binance knows very well whether it is a good project or not. Compared to other teams that have run away and illiquid voting projects, goplus has products and income. Even if it ultimately remains the number one in voting, Binance has stated that while they value and will consider the voting results, these results are not the only factor determining the final delisting decision.
4️⃣ Regarding the future development of $GPS , as investors said, all negative factors have already been exhausted, and only positive factors remain in the future. Repurchase is positive, not being delisted is positive, removing observation labels is also positive, new products are positive, and GPS payments are positive. Now we are at the bottom, and moving forward will only lead to a bright future.
5️⃣ Suggestions for the goplus team
I hope the team can learn from this experience, find trustworthy market maker partners, and properly handle secondary market issues.
The community hopes that the project party can strengthen communication. If the KYB process had been communicated well beforehand, it would not have caused the community to misunderstand that the team was only talking without action and delaying.
I hope the co-founders can take the lead in voicing opinions, especially when encountering public relations issues. When Bybit was hacked, Ben came out to livestream, which stabilized the community. After the issue with goplus arose, Mike only released an announcement and apology on the 12th, and hasn’t posted a tweet since, making it hard for the community not to speculate and doubt. Strong figures like CZ and Sun are active on the front lines, and all founders of projects should learn from this.
Finally, I wish goplus all the best. Goplus is truly a great team and product in web3, and I hope they can successfully overcome this crisis.
