Binance Takes Action Against Movement Market Maker

Binance has taken decisive action against a market maker involved in manipulative trading within the Movement (MOVE) project, banning it from future activities on the platform. The move follows an investigation revealing misconduct that exploited the token’s market liquidity for profit.

What Happened?

• The market maker dumped 66 million MOVE tokens on December 10, right after the token’s listing.
• This aggressive sell-off, with minimal buy-side support, generated $38 million in USDT profits.
• Reports from @WuBlockchain and AI Agent @0xTMAI linked the firm to previously banned entities.

Following community outrage, Binance froze the $38 million in illicit earnings, ensuring funds remain locked to compensate affected users.

MOVE Buyback & Market Impact

In response to the Movement market maker activity, the Movement team, Movement Labs, and Movement Foundation announced a $38 million buyback program on Binance.

• Three-month buyback plan to stabilize MOVE’s price
• Restoring investor confidence after the market disruption
• Clear message against market manipulation

Why This Matters To You?

This matters to you because it safeguards the fairness of the crypto market, protecting your investments from manipulative schemes. It ensures that platforms like Binance remain trustworthy, fostering a safer environment for trading. For MOVE holders, it offers a chance at recovery, while reinforcing accountability across the industry.

Binance’s Ongoing Crackdown on Market Abuse

Binance has previously taken similar actions against projects like GoPlus Security (GPS) and MyShell (SHELL). The exchange reaffirmed its zero-tolerance policy, stating:

“Transparency > manipulation.”

The incident has reignited discussions on market maker oversight, with traders praising Binance’s swift action while raising concerns about the risks of market manipulation in emerging projects.

As MOVE’s buyback program unfolds, all eyes are on whether this intervention will restore stability—or if more oversight is needed in crypto markets

Read Official Announcement Here.

Community Reactions

• Rexy called it a classic insider dump.
• Jerold is frustrated with such incidents repeating.
• Mr Frog praises Binance for their ethics.