Binance Offboards Market Maker That It Said Made $38M Profit on MOVE Listing

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(Kanchanara/Unsplash) What to know : Binance said it offboarded a market maker it said was involved in one-sided market making, contravening the crypto exchange's rules against such practices. The market maker netted a $38 million profit from Movement's MOVE tokens, Binance said. All proceeds were frozen to compensate users. Binance, the largest crypto exchange by trading volume, said it "offboarded" a market maker for Movement's MOVE token with an association to another market maker that had been removed from the platform due to “misconduct.” Market makers are middlemen who are responsible for creating liquidity so trades can take place smoothly without big delays or price swings. They do this by quoting prices to both buyers (bid) and sellers (ask) and taking the opposite side to the transactions. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The market maker, which wasn't identified, made a $38 million profit when the MOVE tokens were first offered for trading on the exchange, Binance said Tuesday . Instead of meeting its obligations to ensure sufficient order size and place orders for both bid and ask prices, it placed sell orders for 66 million MOVE tokens one day after the initial listing and “little buy orders.” One-sided market-making activity is widely considered illicit and illegal, and Binance reiterated that strict rules are in place for defaulters. The entity was offboarded on March 18, and both the Movement Labs and Movement Foundation teams were informed of the “irregularities with their market maker,” Binance said in the post. The market maker is no longer able to participate on the exchange and all proceeds were frozen to compensate users, whose details will be available at a later date. “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,” the exchange said. The development comes as Binance, in a separate and unrelated incident, suspended a staff member following an internal investigation into alleged front-running trades from a previous role at BNB Chain. Binance Crypto Exchanges Market Makers Crime Shaurya Malwa Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. 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