Summary
Coinbase announced just minutes ago the suspension of trading for the MOVE token of the Movement network effective May 15, 2025, after it failed to meet listing standards, causing its price to drop by about 14.5% within 24 hours. This decision comes as the MOVE order books are switched to 'limit orders only' to restrict execution except when specific prices are reached, following the launch of an external investigation led by Groom Lake into a suspicious agreement between Movement Labs and a market-making company. So far, these developments have not been included on Binance's official announcements page.
News Details
Nature of Decision
Official Statement: Coinbase will halt trading of MOVE on its 'simple' and 'advanced' products as well as on Coinbase Exchange and Coinbase Prime on May 15, 2025.
Reasons for Suspension: The currency failed to meet the platform's listing standards according to a post on the Coinbase Assets account on X dated May 1.
Market Impact
Price Drop: The value of MOVE fell by about 14.5% within 24 hours before the announcement.
Other Reports: FXStreet indicated concerns over 'suspicious transactions' that led to the order books being switched to a specified state and a review of the standards.
Additional Reaction: CryptoBriefing noted that the decision led to an additional decline exceeding 20% due to a 'panic selling' situation.
Context and Investigation
External Investigation: The Movement Network Foundation launched a review with Groom Lake on April 21 to uncover the terms of an agreement between it and Web3Port and Rentech, which caused significant selling pressure in December 2024.
Subsequent Actions: Coinbase reserves the right to transfer any remaining balances to withdrawal-only status or convert them to stablecoins— a decision whose details have not yet been announced.
Recommendations for Investors
1. Close positions for the spot market or adjust trading bots on MOVE before May 15 to avoid any additional losses.
2. Monitor news from Movement Labs
Coinbase Assets to follow up on the results of the investigation and any updates regarding the transfer of remaining balances.
3. Diversification: Consider reallocating the portfolio away from MOVE to assets with more liquidity and stricter listing standards.
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