Binance Heavily Punishes Movement Project Market Maker
Recently, Binance platform investigated a market maker of the Movement project $MOVE and found it in violation, leading to severe consequences. This market maker aggressively sold when the MOVE token was just launched, disrupting the market order.
To maintain fairness and protect users, Binance notified the project parties Movement Labs and Movement Foundation team to manage this market maker. They froze the profits earned by the market maker, preventing it from using the ill-gotten gains to exploit retail investors.
The MOVE project parties also stated that they would use the profits earned by the market maker to compensate users, and they will announce the specific compensation methods to ensure that everyone’s wallets are not harmed.
Moreover, Binance directly expelled this market maker and prohibited it from market making on Binance in the future, making the market cleaner.
