Binance Exposes Violations by Movement Market Maker, Illicit Gains Amounting to $38 Million

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Violations Exposed

According to Binance’s investigation, the market maker is associated with another institution that was recently delisted and prohibited from conducting market-making activities on Binance due to regulatory violations. Specifically, this market maker exhibited significant abnormal trading behavior shortly after the listing of the MOVE token:

Massive Sell-off: On December 10, 2024 (UTC+8), just two days after the MOVE token was listed, this market maker sold approximately 66 million MOVE tokens, while buy orders during the same period were minimal, significantly impacting market liquidity and price stability.

Huge Profits: As of March 18, 2025 (UTC+8), before being delisted from the platform, this market maker’s cumulative net profit reached as high as 38 million USDT, highlighting the speculative nature of its operations. These actions not only violate the principles of market fairness but also pose a potential threat to investor confidence.

Binance’s Decisive Action

In order to curb such violations and mitigate their impact on users, Binance swiftly implemented the following measures:

Notification to Relevant Parties: Binance has formally notified the Movement Labs and Movement Foundation teams, detailing the market violations of this market maker, urging the project parties to actively cooperate in subsequent handling.

Freezing of Earnings: The relevant earnings of this market maker have been frozen by Binance to prevent further outflow of funds and to provide security for subsequent compensation.

User Compensation Commitment: The MOVE project team has committed to using the market maker’s illicit earnings to compensate affected users and will announce specific implementation plans shortly.

Permanent Ban: This market maker has been delisted by Binance and is permanently prohibited from conducting any market-making activities on the platform, to prevent further market disruption.

Again, Web3port

According to KOL Chen Jian, the allegedly violating MOVE market maker is the same as the Goplus and Myshell market makers previously dealt with by Binance, all of which belong to the Shanghai-based Chinese team Web3port.

For investors in the MOVE project, the project team has promised to formulate a compensation plan, but specific details have yet to be disclosed. Investors should closely monitor subsequent announcements to understand the scope and implementation of the compensation.