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Binance has frozen assets due to irregularities detected in the transactions of a market maker. The market maker was reported to be involved in operations related to the Ethereum 
$2,002-based layer-2 project, Movement.
Binance News
After investigations, it was reported that the market maker performed significant sales in December when the MOVE token was listed. The limited number of buy orders in these transactions raised concerns about actions outside normal market operations.
Following the collapse of FTX, many market makers withdrew from the market, and less reliable players took advantage of this situation, leading to abnormal fluctuations. In some altcoins, heavy selling by market makers resulted in investors facing difficult-to-recover losses. However, Binance has begun to take necessary actions in this regard.
Compensating Losses
The MOVE token was launched as a project by the platform in December. Notably, on December 10, the market maker offered approximately 66 million MOVE tokens for sale. The net profit of about $38 million in USDT from these transactions raised questions about market integrity. Previously, Binance had banned another market maker for similar reasons after detecting such transactions.
Binance officials stated, “Necessary measures have been taken to prevent user losses due to the identified irregularities.”
The Movement team has been informed for an evaluation of the situation. The frozen assets are reported to be used for efforts to compensate users for their losses. The MOVE token’s approximately 24% gain in value over the last 24 hours is seen as a reflection of this news.
This step taken by Binance can be viewed within the framework of measures aimed at compliance with market regulations and enhancing user safety.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
