Binance Offboards Market Maker Linked to $38M MOVE Token Misconduct
Binance Offboards Market Maker for MOVE Token
- Binance removed a market maker for the MOVE token due to association with another offboarded market maker linked to misconduct.
- The unidentified market maker earned $38 million during the token's initial trading but failed to meet liquidity obligations.
- It placed sell orders for 66 million MOVE tokens and minimal buy orders one day after listing, violating market-making standards.
- Binance confirmed strict rules against such practices and has frozen all proceeds from the market maker to compensate affected users.
- The market maker was offboarded on March 18, with the Movement Labs and Foundation teams notified of the irregular activities.
- Binance will take further action against non-compliant market makers in the future.
Additionally, Binance suspended a staff member following an internal investigation into alleged front-running trades at BNB Chain.