Binance Delists Market Maker Over 38 Million USDT Profit From MOVE Token Manipulation
1min read Binance has announced a series of measures to address market maker market abuse in the Movement (MOVE) Project. The exchange confirmed that a market maker associated with the MOVE project was involved in market manipulation activities. The market maker sold approximately 66 million MOVE tokens on the first day after the project's launch, with few buy orders, and made a net profit of 38 million USDT before exiting the market on March 18, 2025.
In response to these activities, Binance has taken several steps to protect users. The exchange has notified the Movement Labs and Movement Foundation teams about the market maker's violation behavior. Additionally, the market maker's related earnings have been frozen, and the MOVE project team has committed to using these earnings to compensate users. The market maker has also been delisted and prohibited from any further market-making activities on Binance.
Binance has emphasized the importance of adhering to principles and rules for all authorized market makers. These include placing both buy and sell orders simultaneously, ensuring sufficient order volume at designated depth levels, maintaining a healthy and stable market activity spread, and preventing the placement and cancellation of high-frequency orders from disrupting the market. Any project's authorized market participant who fails to comply with or violates these principles and rules will face further measures from Binance to protect users.
This announcement underscores Binance's commitment to maintaining a fair and transparent market environment. By taking decisive action against market manipulation, the exchange aims to safeguard the interests of its users and uphold the integrity of its platform. The measures taken against the market maker in the MOVE project serve as a clear warning to other market participants about the consequences of engaging in abusive practices.
