Binance Freezes $38 Million in Profits After Market Maker Dumps 66 Million MOVE Tokens

By Carina W.

Binance has announced the freezing of approximately $38 million USDT in profits from a market maker associated with the Movement (MOVE) project after discovering irregular trading activities.

According to an official announcement from the exchange, their investigation revealed that the market maker in question has connections to another market maker that was recently delisted for violating platform rules. The investigation uncovered that on December 10, 2024—just one day after the MOVE token was listed—the market maker sold approximately 66 million MOVE tokens while placing very few buy orders.

By the time Binance removed the market maker from the platform on March 18, 2025, the entity had accumulated profits of 38 million USDT through these activities.

In response to these findings, Binance has implemented several protective measures:

1. Notified Movement Labs and the Movement Foundation about their market maker's regulatory violations

2. Frozen all related profits from the market maker's activities

3. Confirmed that the MOVE project team has committed to using the frozen funds to compensate affected users (with a detailed plan to be announced)

4. Delisted the market maker and prohibited them from conducting any further market-making activities on the platform

The exchange has issued a reminder to all project-authorized market makers on Binance to adhere to proper market-making principles, including:

• Ensuring support for both buy and sell orders

• Maintaining sufficient order size at specified depth levels

• Providing healthy and stable order book depth

• Ensuring orders remain in place for reasonable periods to avoid disruptive high-frequency order placement and cancellation

Binance has stated that any market makers failing to comply with these principles will face further action as part of the exchange's ongoing commitment to user protection.

Read also: Movement Network Foundation Launches 38M USDT Buyback After Market Maker Controversy