TechFlow News, on March 25, Binance issued an announcement stating that it has identified a connection between the market maker of the Movement (MOVE) project and another market maker previously banned by Binance from conducting further market-making activities on the platform due to misconduct.
According to the announcement, the market maker's abnormal activities included selling approximately 66 million MOVE tokens just one day after MOVE’s listing (2024-12-10), with almost no buy-side support. Prior to being terminated by Binance on 2025-03-18, this market maker had gained around 38 million USDT in net profit.
To protect user interests, Binance has taken the following measures:
- Notified the Movement Labs and Movement Foundation teams regarding the market maker’s irregular behavior;
- Frozen the market maker’s profits for future user compensation (the specific compensation plan will be determined and announced later by the project team);
- Terminated cooperation with the market maker and prohibited them from conducting any further market-making activities on the Binance platform.
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