Binance Removes MOVE Token Market Maker Over Irregular Trades
Binance offboards market maker tied to $MOVE token for suspicious trading and links to a previously banned entity.
- Binance removed a market maker over $MOVE token manipulation
- The entity dumped 66M MOVE tokens for 38M USDT profit
- The trader had links to a previously banned group
Binance has once again taken decisive action to preserve Market integrity. On December 10, 2024, the exchange offboarded a market maker linked to the MOVE token after identifying suspicious trading activity and ties to an entity previously removed from the platform.
The issue arose when the market maker sold around 66 million MOVE tokens with little to no corresponding buy orders, creating what Binance deemed an “irregular” trading environment. The massive dump netted the market maker a staggering 38 million USDT in profit.
This behavior raised red flags within Binance’s surveillance systems, which are designed to detect abnormal market activity. According to Binance, such actions can severely disrupt token liquidity and price stability, ultimately harming retail investors and undermining market confidence.
Links to a Previously Removed Entity
Further investigation revealed that the market maker had ties to a group that Binance had already banned from its platform. While Binance didn’t name the entity, this connection contributed heavily to the decision to remove the trader.
Market makers are expected to provide liquidity and ensure smooth trading experiences—not manipulate prices for personal gain. Binance’s response shows it remains firm in maintaining a fair environment for all users.
What’s Next for the MOVE Token?
The MOVE token community is now left questioning the token’s short-term outlook. Although Binance has not delisted the MOVE token itself, such incidents can cast a shadow over a project’s reputation. Investors will be watching closely for any further updates or market reactions.
Binance continues to encourage transparency and accountability among its ecosystem participants. Removing manipulators not only protects users but also ensures long-term trust in the platform.
