This is a routine announcement, and the products and services mentioned in the announcement may not be applicable in your region.
Dear users:
Our investigation found that a market maker (hereinafter referred to as 'market maker') of the Movement (MOVE) project is associated with another market maker that has recently been delisted and prohibited from conducting any market-making activities on Binance due to violations.
We found that the market maker has the following market-making behaviors, including:
On December 10, 2024 (UTC+8), the day after the MOVE token was launched, this market maker sold approximately 66 million MOVE tokens, while there were very few buy orders;
The final profit of this market maker before being delisted by the platform on March 18, 2025 (UTC+8) was 38 million USDT.
In order to better protect Binance users, we have taken the following additional measures regarding the improper behavior of this market maker:
Notify the Movement Labs and Movement Foundation teams about the market violations of its market maker;
The relevant earnings of the market maker have been frozen;
The MOVE project team has committed to using the market maker's related earnings to compensate users (the project team will announce a detailed plan);
This market maker has been delisted and prohibited from conducting any further market-making activities on Binance.
Remind all project teams authorized market makers on Binance to strictly adhere to the following principles and rules:
Ensure that both buy and sell orders have order support;
Ensure there are sufficient order sizes at designated depth levels;
Provide healthy and stable market depth in the trading market;
Ensure that orders remain for a certain period to avoid high-frequency order cancellations disturbing the market.
Any authorized market maker by project teams that does not comply with or violates these principles and rules will face further actions from Binance to better protect our users.
Thank you for your long-standing support and trust in Binance. We will continue to build a blockchain ecosystem in an open, transparent, and sustainable manner.
Thank you for your support of Binance!
Binance Team
March 25, 2025