The crypto exchange Coinbase
$605.8M
has announced it will stop trading the MOVE token, which powers the Movement Network blockchain, starting May 15.
Coinbase stated that MOVE no longer meets the standards required for tokens to remain listed on the platform.
The exchange explained in a May 1 post on X, “Trading for MOVE will be suspended on Coinbase, Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. We have moved our MOVE order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur”.
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This means users can only place and cancel limit orders, and trades will only happen if prices match.
The decision comes as an investigation into the MOVE token continues. The Movement Network Foundation recently hired Groom Lake, a cybersecurity and intelligence company, to look into an agreement linked to a MOVE price fall in December 2024. The review began on April 21 and is still ongoing.
So far, the investigation has found that Movement Labs, which built the protocol, and a market-making firm called Web3Port had an agreement to help distribute MOVE when it launched.
A third company, Rentech, helped arrange this deal. Documents show that Rentech was involved as part of Web3Port and as an agent for the Movement Foundation.
On April 25, Coinbase sent two letters to the Office of Government Ethics (OGE) Acting Director Jamieson Greer and the new SEC Chair, Paul Atkins. What did the letters say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
