Binance Delists Market Maker Who Claims to Have Made $38 Million Listing MOVE Tokens
The organization was dissolved on March 18, and the Movement Labs and Movement Foundation teams were notified of “violations by their market maker.”
Shaurya Malwa | Edited by Sheldon Rebeck on March 25, 2025, 10:07 UTC
Key facts:
- Binance said it had delisted a market maker that it said was engaging in one-sided market making, which is against the exchange's rules prohibiting such practices.
- According to Binance, the market maker made $38 million on Movement's MOVE tokens.
- All revenues have been frozen to compensate users.
Binance, the leading crypto exchange by trading volume, confirmed that it has “delisted” the market maker for Movement's MOVE token, linking it to another market maker that was removed from the platform for “misconduct.”
Market makers act as intermediaries, providing liquidity so that trades can proceed smoothly without significant delays or price fluctuations. They do this by setting prices for both buyers (bid) and sellers (ask) and by taking the opposite side of trades.
An unnamed market maker made $38 million when MOVE tokens first became available for trading on the exchange, Binance said on Tuesday. Instead of fulfilling its obligations to ensure sufficient order volume and accommodate both bids and offers, it placed sell orders for 66 million MOVE tokens a day after their initial listing and “small buy orders.”
One-sided trading in the market is considered illegal and against regulations, and Binance reiterated that there are strict rules in place for violators.
The organization was delisted on March 18, and both Movement Labs and Movement Foundation teams were notified of “irregularities with their market maker,” Binance said in a statement. The market maker will no longer be able to participate in the exchange, and all revenues have been frozen to compensate users whose details will be revealed later.
“Binance will take further action against any market makers authorized by the project that fail to comply with or violate these principles and rules in order to protect our users as much as possible,” the exchange said.
The development comes after Binance, in a separate and unrelated incident, suspended one of its employees following an internal investigation into alleged front-running trades made at a previous job at BNB Chain.
