Cryptocurrency exchange Binance has issued an announcement regarding the penalization of a market maker for the Movement (MOVE) project.
Binance has frozen the profits of the market maker and plans to redistribute the funds to compensate affected users.
Identity of the Penalized Market Maker for Movement
In its announcement, the exchange stated that the Movement market maker is linked to another market maker that had been removed from the platform for misconduct. This market maker has provided services for projects such as GoPlus Security (GPS) and MyShell (SHELL).
Market makers are financial institutions or individuals that facilitate the buying and selling of assets in a market by providing liquidity.
According to Binance, the MOVE market maker violated the exchange’s strict regulations. These regulations include maintaining large order sizes, ensuring stable bid-ask spreads, and avoiding manipulating…
