Binance Announcement
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Actions Taken on Market Maker Due to Market Irregularities (2025-03-25)
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
We have identified a market maker (the โMarket Makerโ) of the project Movement (MOVE) to have association with another market maker that we recently offboarded and forbid any further market making activities on Binance due to misconduct.
Certain market making behaviors of the Market Maker include:
One day after MOVE was listed, approximately 66 million MOVE tokens were sold by the Market Maker on 2024-12-10 (UTC), with little buy orders. The Market Maker had an eventual net profit of 38 million USDT before it was offboarded on 2025-03-18.
Due to the Market Makerโs behaviour, for the purpose of best protecting Binanceโs users, we have taken additional steps as follow:
Informed the Movement Labs and Movement Foundation teams of the irregularities with their market maker;Froze proceeds from the Market Maker for the purpose of compensating users (Detailed plan will be determined and communicated by project later); andOffboarded and forbid any further market making activities by the Market Maker on Binance.
General reminder that all projectsโ authorized market makers on Binance must comply with the principals and rules as follows:
Place orders for both bid and ask;Ensure sufficient order size within the specified depth levels;Maintain a healthy and stable spread for market activity;Ensure orders remain for a certain amount of time, and prevent market disruption from high-frequency order placement and cancellations.
Any project-authorized market makers who do not comply with or breach such principles and rules, Binance will take further actions against such market makers to best protect our users.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Thank you for your support!
Binance Team
2025-03-25
Fellow Binancians,
We have identified a market maker (the โMarket Makerโ) of the project Movement (MOVE) to have association with another market maker that we recently offboarded and forbid any further market making activities on Binance due to misconduct.
Certain market making behaviors of the Market Maker include:
One day after MOVE was listed, approximately 66 million MOVE tokens were sold by the Market Maker on 2024-12-10 (UTC), with little buy orders. The Market Maker had an eventual net profit of 38 million USDT before it was offboarded on 2025-03-18.
Due to the Market Makerโs behaviour, for the purpose of best protecting Binanceโs users, we have taken additional steps as follow:
Informed the Movement Labs and Movement Foundation teams of the irregularities with their market maker;Froze proceeds from the Market Maker for the purpose of compensating users (Detailed plan will be determined and communicated by project later); andOffboarded and forbid any further market making activities by the Market Maker on Binance.
General reminder that all projectsโ authorized market makers on Binance must comply with the principals and rules as follows:
Place orders for both bid and ask;Ensure sufficient order size within the specified depth levels;Maintain a healthy and stable spread for market activity;Ensure orders remain for a certain amount of time, and prevent market disruption from high-frequency order placement and cancellations.
Any project-authorized market makers who do not comply with or breach such principles and rules, Binance will take further actions against such market makers to best protect our users.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Thank you for your support!
Binance Team
2025-03-25
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.ย See T&Cs.
