EddieJayonCrypto
25 Mar 25
Binance has taken action against internal misconduct and market irregularities linked to the Movement's MOVE token. An employee was suspended for insider trading, and a market maker involved in manipulative trading practices was penalized. Binance reaffirmed its zero-tolerance stance on misconduct, ...
Binance has taken decisive action against insider trading and market manipulation linked to the MOVE token. The exchange suspended an employee for insider trading, as the individual used privileged information to make trades before a token launch, resulting in early profits. Binance has reaffirmed its zero-tolerance stance on misconduct and tightened internal controls to prevent similar behavior in the future. The platform also called on users to report unethical actions and is set to distribute a $100,000 reward to whistleblowers.
Additionally, Binance penalized a market maker involved in manipulative trading practices linked to the MOVE token. The market maker dumped approximately 66 million MOVE tokens shortly after the token's launch, making an estimated $38 million in profit. Binance froze the earnings and barred the market maker from future activity. The Movement Network, unaware of the misconduct, has committed to repurchasing MOVE tokens using the recovered funds to compensate affected users over the next three months on Binance.