Binance Issues Urgent Market Maker Alert

Cover image via www.freepik.com Read U.TODAY on Google News Recently Binance sent out an urgent warning about a market maker connected to the Movement (MOVE) project. The market maker made substantial financial gains at the expense of market stability, which triggered Binance's safety measures as trading activities were affected. Binance is dedicated to upholding an equitable and open trading environment while acting quickly to rectify wrongdoing . Advertisement According to Binance's statement, it was discovered that the market maker in question was connected to another market maker that had been removed from the market due to misconduct. A major sell-off of MOVE tokens soon after listing was one of the activities that were discovered, and it had a major effect on the token's market conditions. Related Tue, 03/25/2025 - 07:55 Fidelity Exec Names Key Reason Behind Bitcoin Price Correction Alex Dovbnya HOT Stories Binance Issues Urgent Market Maker Alert BlackRock’s Bitcoin ETP Launches in Europe: Details Mysterious SHIB Whale Behind 1 Billion SHIB Burn Finally Identified Fidelity Exec Names Key Reason Behind Bitcoin Price Correction Liquidity was severely disrupted on Dec. 10, 2024, a day after MOVE was listed, when about 66 million MOVE tokens were sold with few buy orders. Therefore, before being kicked off the platform on March 18, 2025, the market maker was able to amass a net profit of 38 million USDT. Advertisement Related Tue, 03/25/2025 - 05:39 Bitcoin Price Plunges as Mt. Gox Makes Gargantuan Transfer Alex Dovbnya Binance has responded to these findings by taking the following significant action: notifying Movement Labs and Movement Foundation of the erratic trading practices associated with their market maker. To guarantee that impacted users receive just compensation, the market maker's earnings were frozen. The project team will eventually create and disseminate a comprehensive compensation plan. It removed the market maker from Binance and prohibited it from engaging in any more market-making activities. Reiterating the significance of ethical market-making practices, Binance has emphasized the following crucial guidelines: Maintaining both buy and sell orders to ensure liquidity. Ensuring sufficient order sizes within specified depth levels. Keeping a healthy and stable bid-ask spread. Preventing market disruption caused by high-frequency order placements and cancellations. Market makers who fail to comply with these principles will face strict enforcement actions, including removal from the platform. #Binance