Binance has taken firm action against internal misconduct and market irregularities linked to the Movement’s MOVE token.
The exchange has suspended a staff member for insider trading and penalized a market maker involved in manipulative trading practices.
Insider trading
On March 25, Binance Wallet confirmed the suspension of an employee who engaged in front-running trades using privileged information.
The individual previously held a business development role at BNB Chain, which granted them access to sensitive details, including upcoming token launches.
According to Binance, the employee was aware of a project preparing for its Token Generation Event (TGE).
Using that information, the person purchased a large amount of tokens through several wallet addresses. After the launch, they sold some tokens to gain early profits while holding a sizable amount with unrealized gains.
Binance responded by suspending the employee and launching a formal disciplinary process. The exchange also confirmed its willingness to cooperate with authorities for possible legal action.
Meanwhile, Binance reaffirmed its zero-tolerance stance on misconduct. The platform said it is tightening internal controls and refining its policies to prevent similar behavior in the future.
Binance also called on users to report unethical actions through its whistleblower portal. As part of this push, the company will distribute a $100,000 reward to four whistleblowers who provided valid reports on this case.
Market manipulation
Binance also uncovered irregular trading activity involving an unnamed market maker linked to the MOVE token.
This entity, now banned, was found dumping roughly 66 million MOVE tokens on Dec. 10, 2024—just a day after the token’s launch—while placing few or no buy orders.
By the time the account was removed from the platform on March 18, 2025, it had raked in an estimated $38 million in profit. Binance has since frozen the earnings and barred the market maker from future activity.
Binance notified Movement Labs and the Movement Foundation, both of which were unaware of the misconduct. After learning of the issue, the project cut ties with the involved party and committed to compensating affected users.
The Movement Network will repurchase MOVE tokens using the $38 million already recovered to make things right. The buyback will occur over the next three months on Binance, with repurchased tokens transferred to the Movement Strategic Reserve.
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