“The entity was offboarded on March 18, and Movement Labs and Movement Foundation Teams Were Informed of the “Irregularities with Their Market Maker.””, – WRITE: www.coindesk.com
Market Making Requires Active Buying and Selling Activity. (Kanchanara/Unsplash)
- Binance SAID IT OFFBOarded A Market Maker IT SAID WAS INVOLVED IN One-SIDED Market Making, Contravening The Crypto Exchange’s Rules Against Such Practices.
- The Market Maker Netted A $ 38 Million Profit From Movement’s Move Tokens, Binance Said.
- ALL PROCEEDS WERE FROZEN TO COMPENSAT USERS.
Market Makers Are Middlemen Who Are Responsible for Creating Liquidity SO Trades Can Take Place Smoothly Without Big Delays or Price Swings. They do this by quoting prices to bot Buyers (BID) and Selers (ASK) and Taking the Opposite Side to the Transactions.
The Market Maker, Whosh Wasn’t Identified, Made A $ 38 Million Profit Wen The Move Tokens Were First Offered for Trading on the Exchange, Binance Said Tuesday. Insthead of Meeting ITS OBLIGATIONS TO ENSURE SUFFICIENT SIZE AND PLACE ORDERS FOR BOTH BID BID AND ASK PRICES, IT PLACED SELL ORDERS FOR 66 MILLION MISTILE TOLING AFERIER.
One-Sided Market-Making Activity Is Widly Considered Illicit and Illegal, and Binance Reiterated that Strify Rules Are In Place for Defaulters.
The entity was offboarded on March 18, and Both the Movement Labs and Movement Foundation Teams Were Inforced of the “Irregularities with Their Market Maker,” Binance SAID IN THE POST. The Market Maker Is No Longer Able to Participate on the Exchange and All Proceeds Were Frozen to Compensate USERS, WHOSE DETAILS WILL BE AVAILBLE AT A LATER DATE.
“Any Project-Authorized Market Makers Who Do not Comply with or Breach Such Principles and Rules, Binance Will Take Further Actions Against Suchers Makers to BESTERTTETETTETETE.
The Development Comes As Binance, in A Separate and Unrelated Incident, Suspended A Staff Member Following An International Investigation Into Alleged Front-Running Trades from A Prev.
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