Why did Binance delist MOVE?

The exchange will suspend all MOVE trading in two weeks, immediately causing the asset to plummet.

In addition to the 16% price drop, the daily trading volume of MOVE surged by 130%. This indicates that MOVE holders are selling their assets following the delisting announcement from Binance.

Binance's delisting is not without reason. Earlier today, Movement Labs announced the postponement of its planned airdrop, causing dissatisfaction. This may have been the last straw for Binance, coupled with existing issues.

Movement Labs claimed in mid-March that it would investigate a potential fraud incident. A market maker sold off 66 million MOVE tokens, triggering a sharp price decline.

New evidence has emerged, leading users to allege that Movement Labs was directly or indirectly involved in these trades. It is claimed that the company lent 50% of its MOVE supply to the investment platform Web3Port, which then sold off a large amount of tokens.