Binance News: Ban on Market Maker Linked to MOVE Project Due to Misconduct, Funds to be Redistributed

In a recent development, Binance has taken stringent action against a market maker associated with the MOVE project, banning it due to misconduct. Here’s a detailed look at what happened and the implications for affected users.

Binance Bans Market Maker Linked to MOVE Project Over Misconduct

Binance has banned a market Maker associated with the MOVE project due to misconduct. The exchange has frozen the profits of the market maker and plans to redistribute the funds to compensate affected users. The penalized market maker has also provided services for projects such as GoPlus Security (GPS) and MyShell (SHELL). Market makers are financial institutions or individuals that provide liquidity in the market by facilitating buying and selling of assets. According to Binance, the MOVE market maker violated the exchange’s strict regulations.

Binance Ends Market-Making for MOVE Project Due to Misconduct

Binance has taken decisive action against a market maker linked to the Movement (MOVE) token after identifying misconduct related to the token’s trading activity. The exchange revealed that the market maker in question was associated with another entity previously offboarded due to malpractice. Binance has taken steps to offboard and prohibit market-making activities by the market maker of the Movement (MOVE) project. The market maker allegedly sold approximately 66 million MOVE tokens on December 10, 2024, just one day after the token’s listing, without placing significant buy orders, resulting in a net profit of $38 million USDT before Binance removed the entity on March 18, 2025.