The leading cryptocurrency exchange recently removed an unidentified market maker for not adhering to its rules. Binance reported that this market maker, associated with the Movement blockchain, sold millions of the MOVE token within 24 hours of its listing on December 9, making around $38 million in USDT profit.
Binance identified that the market maker’s actions lacked buy-side support, resulting in user losses. This entity is linked to another market maker previously banned by Binance for misconduct involving the GPS and SHELL tokens. Following the 66 million MOVE token sale, Binance prohibited the market maker from further activities on March 18 and announced it would use seized proceeds to compensate MOVE users.
The Movement Network Foundation, informed by Binance, was unaware of these events until prompted to investigate. The foundation has since severed ties with the market maker, informed other exchanges, and plans to buy back MOVE tokens using recovered funds to establish a strategic reserve. This buyback will occur over the next three months on Binance, returning liquidity to the ecosystem.
Following these announcements, MOVE’s value increased by nearly 6% in 24 hours, according to CoinMarketCap data.
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