Binance, a leading cryptocurrency exchange, has recently taken decisive actions to address internal misconduct and market manipulation related to the Movement’s MOVE token. These measures aim to enhance user protection and uphold market integrity.
Insider Trading Incident
On March 25, 2025, Binance suspended an employee who exploited privileged information for personal gain. This individual, formerly in a business development role at BNB Chain, had access to sensitive details about upcoming token launches. Utilizing this information, the employee purchased a substantial amount of MOVE tokens before their Token Generation Event (TGE). Following the launch, they sold a portion of these tokens for early profits while retaining a significant amount with unrealized gains. Binance has initiated a formal disciplinary process and expressed its readiness to cooperate with authorities for potential legal action. The exchange is also enhancing internal controls and policies to prevent similar incidents in the future. Users are encouraged to report unethical behavior through Binance’s whistleblower portal, with $100,000 set aside as rewards for valid reports related to this case.
Market Manipulation by a Market Maker
Binance identified manipulative trading activities involving an unnamed market maker associated with the MOVE token. On December 10, 2024, just a day after the token’s launch, this entity dumped approximately 66 million MOVE tokens while placing minimal or no buy orders. By the time Binance removed the account on March 18, 2025, the market maker had amassed an estimated $38 million in profit. Binance has since frozen these earnings and banned the entity from future activities on the platform. Movement Labs and the Movement Foundation were unaware of this misconduct. Upon notification, they severed ties with the implicated party and committed to compensating affected users. The Movement Network plans to repurchase MOVE tokens using the recovered $38 million over the next three months on Binance, with the repurchased tokens transferred to the Movement Strategic Reserve.
These actions underscore Binance’s commitment to maintaining a fair and transparent trading environment, demonstrating its zero-tolerance policy towards unethical practices within its platform.