Binance, the world’s largest crypto exchange by trading volume, offboarded a market maker on March 18. The market maker, which remained unnamed, profited $38 million from the initial listing of Movement’s MOVE tokens. Instead of fulfilling its role to provide liquidity by placing orders for both buying and selling, the market maker placed sell orders for 66 million MOVE tokens just one day after the listing and minimal buy orders. This one-sided market-making activity is considered illegal. Binance froze all proceeds from the market maker to compensate affected users. The exchange emphasized its strict rules against such misconduct and its commitment to protecting users by taking action against non-compliant market makers.
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