Binance Removes Market Maker of Altcoin Movement (MOVE) Due to Illegal Activities
Binance, the world’s largest cryptocurrency exchange, has decided to remove the market maker of the altcoin Movement (MOVE) from the exchange due to its illegal activities.
Binance announced that a market maker in MOVE made a net profit of $38 million by selling 66 million MOVE tokens.
“We have confirmed that a Movement (MOVE) market maker is associated with another market maker that was recently removed from the exchange for illegal activities. As a result, we removed the market maker from the exchange and banned all market making activities on Binance.”
Binance also explained the inappropriate behavior of the banned MOVE market maker, and listed it as follows:
“A day after MOVE was listed, on 2024-12-10 (UTC), approximately 66 million MOVE tokens were sold by the Market Maker and very few buy orders were placed. The Market Maker made a net profit of 38 million USDT before being delisted on March 18, 2025.”
To be Paid as Compensation!
Binance also added that in order to protect users, they have frozen the profits made by the market maker and these will be paid out to users as compensation.
“Furthermore, to compensate Binance users, we have frozen the profits made by the market maker. Specific compensation plans will be announced later.”
Statement from Movement: We Did Not Know!
The Movement team did not remain silent in this situation and announced a $38 million buyback plan in its statement. The team stated that the market maker’s illegal activities were carried out without permission, and said, “As a result of Binance’s investigation, we learned that the market maker sold a large amount of MOVE after listing. The market maker’s illegal activities occurred without our permission. We have immediately terminated all contracts with the market maker and will be implementing a MOVE buyback plan on Binance over the next three months.”
MOVE continues to trade at $0.46, up 6% in the last 24 hours.
*This is not investment advice.