Binance Releases Measures to Address Market Violations by Market Makers of the Movement (MOVE) Project

avatar
ODAILY
03-25
This article is machine translated
Show original
Planet Daily News: According to the official announcement, Binance's investigation discovered that a market maker of the Movement (MOVE) project is associated with another market maker who was recently delisted and prohibited from conducting any market-making activities on Binance. This market maker engaged in the following market-making behaviors: 1. On December 10, 2024 (UTC+8 time), the day after MOVE token's listing, the market maker sold approximately 66 million MOVE tokens, with very few buy orders; 2. Before being delisted by the platform on March 18, 2025 (UTC+8 time), the market maker's final profit was 38 million USDT. To better protect Binance users, the platform took the following additional measures against this market maker: 1. Notified Movement Labs and Movement Foundation team about the market maker's market violations; 2. Froze the market maker's related earnings; 3. The MOVE project team has promised to use the market maker's related earnings to compensate users (the project team will publish detailed plans); 4. Delisted the market maker and prohibited it from conducting any further market-making activities on Binance.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Followin logo