Binance Announces Delisting of Movement (MOVE) Market Maker

Global cryptocurrency exchange Binance has announced the delisting of the Movement (MOVE) market maker due to illegal activities. On the 25th (local time), Binance stated on its official website, "We have confirmed that the Movement market maker is related to other market makers recently delisted for illegal activities," and added, "As a result, we have delisted the market maker and banned all future activities on Binance." Furthermore, they stated, "To compensate Binance users, we have frozen the profits acquired by the market maker," and added, "Specific compensation plans will be announced later."

Binance pointed out that the Movement market maker sold approximately 66 million MOVE tokens on December 10th last year (UTC), the day after listing. There were almost no buy orders during this process. It was found that the market maker earned a net profit of $38 million through this method before being delisted.

They further urged market makers to comply with regulations to protect users. Binance reiterated, "All market makers must submit both buy and sell orders," and "maintain a healthy and stable spread, keep orders for a certain period, and avoid frequent order submissions and cancellations."

Finally, they stated, "Binance will take additional measures prioritizing user protection if market makers violate the set rules," and expressed their commitment to continuously strive for a healthy cryptocurrency ecosystem.