Binance Acts Against Market Maker for MOVE Token Manipulation

The Binance exchange terminated its relationship with an unidentified market maker servicing the MOVE token after detecting price manipulation of the project.

According to the statement, the participant sold 66 million coins shortly after their listing, earning a profit of 38 million USDT. The exchange froze these funds and passed the information to the Movement Network Foundation, the issuer of MOVE.

Binance stated that the market maker had previously violated the platform’s standards. Representatives noted that a similar situation had occurred earlier with the GPS and SHELL tokens, leading to restricted access to the exchange for the participant on March 9.

On March 18, the market maker was permanently barred from operating on Binance.

The Movement Network Foundation confirmed it was unaware of the partner’s actions. The company terminated its agreement with the market maker and issued notifications to other exchanges.

The issuer also announced a buyback program for tokens worth 38 million USDT, to be executed over three months. The funds will be transferred to the “Strategic Reserve Movement” to support the project’s ecosystem.

Following the news, the MOVE token’s price reacted with an increase of up to 10%. At the time of writing, the token is trading at $0.4548 (data from CoinGecko).

Earlier, on March 25, the platform suspended a Binance Wallet team member for insider trading.