Binance has removed a market maker tied to the Movement (MOVE) token after identifying suspicious trading activity and connections to a previously banned entity.
Despite only one day passing since the token’s listing, the market maker dumped tens of millions of MOVE tokens, reaping large profits with little market support.
Key Details
- Binance identified the MOVE market maker as being associated with another firm previously banned from the exchange.
- On December 10, 2024—just a day after MOVE’s listing—the market maker sold around 66 million MOVE tokens with little to no buy-side orders.
- The activity generated $38 million in net profit before Binance offboarded the market maker on March 18, 2025.
Binance’s Response
- The exchange froze the market maker’s proceeds and notified Movement Labs and Movement Foundation of the misconduct.
- Binance stated that a compensation plan for affected users will be coordinated by the project team.
- The market maker has been permanently banned from future activities on the platform.
Binance reminded project-authorized market makers to follow strict guidelines, including maintaining order book balance, preventing disruptive trades, and ensuring healthy liquidity.
Failure to comply, Binance warned, will result in similar enforcement actions.
Related Reading: In a separate case this week, Binance also suspended an employee who used knowledge from a prior business development role to front-run a token launch, generating significant personal profits. The company is pursuing legal action and has issued a $100,000 reward to whistleblowers who reported the misconduct.
This Quick Take article is published on BitPinas: Quick Take: Binance Flags MOVE Market Maker for Irregular Trading, Freezes $38M in Profits
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