Movement Labs Investigates Market Maker Issues Following Binance Delisting of MOVE Token Partner

Movement Labs and its associated Movement Network are under investigation after issues arose with market makers last month. This comes on the heels of Binance delisting an unnamed market maker tied to the MOVE token, citing “improper conduct.”

Movement Labs, the parent company of the Movement Network, is under investigation following issues that arose last month with market makers. This comes after Binance delisted an unnamed market maker tied to the MOVE token for "improper conduct."

The delisting, which was announced last week, has sparked concerns over transparency in the crypto industry. In response, Movement Labs is taking steps to address these concerns.

A spokesperson from Movement Labs confirmed that the company is conducting a third-party review into market maker issues, as reported by The Block. The investigation is part of the organization’s efforts to ensure full accountability and transparency in light of recent market developments.

“The Movement Network Foundation is conducting a third-party review regarding the recent abnormal behavior of market makers,” said the spokesperson. “It is inappropriate to speculate on the results of the review or on any actions that may or may not be taken. Business operations are proceeding normally during the review.”

The spokesperson’s statement emphasizes the importance of the third-party review in maintaining the company’s business integrity.

Movement Labs co-founder Rushi Manche has also taken a temporary leave of absence from the company, although the time period for his absence has not been disclosed.

Manche’s departure was announced by co-founder Cooper Scanlon during a company-wide meeting on Monday, sparking further intrigue among employees and industry watchers.

The timing of Manche’s leave coincides with the market maker investigation and the recent issues with the MOVE token.

While Movement Labs held a live event in San Francisco last week, Manche was notably absent from the event.

Despite his absence, Manche clarified that he is “still with” Movement Labs, but declined to offer further specifics on the nature of his leave.

Manche’s absence comes amid reports of Binance delisting a market maker for the MOVE token. The exchange's statement on the delisting, which was announced last week, stated that the market maker was found to be in violation of Binance’s terms of service.

The issues with the market makers and the Binance delisting have put a spotlight on the MOVE token and its role in the Movement Network ecosystem.

As the investigation continues, it remains to be seen whether any further actions will be taken by Movement Labs or other parties involved in the situation.