Binance takes measures against market makers for abnormal MOVE behavior, and frozen income is used to compensate users later
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2025-03-25 16:01 2,994
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According to Golden Finance, Binance issued an announcement stating that it has been found that a market maker for the Movement (MOVE) project is related to another market maker that Binance has recently banned from continuing market maker on the platform due to misconduct.
According to the announcement, the market maker's abnormal behavior includes: one day after MOVE went online (2024-12-10), the market maker sold about 66 million MOVE tokens, and there was almost no buy order support. Before Binance terminated its cooperation on 2025-03-18, the market maker had obtained a net profit of approximately USDT.
To protect the interests of users, Binance has taken the following measures:
Movement Labs and the Movement Foundation team have been notified of abnormal behaviors of their market makers;
Freeze the market maker's income and use it to subsequently compensate users (the specific compensation plan will be determined and announced by the project party in the future);
Terminate cooperation with the market maker and prohibit it from conducting any further market maker activities on the Binance platform.