Coinbase to Delist MOVE Token Amid Ongoing Investigation

Coinbase is pulling the plug on trading for the MOVE token, the native asset of Movement Network, with the suspension set to take effect on May 15.

Coinbase is planning to delist the MOVE token, the native asset of Movement Network, from its exchange on May 15, as reported by Block's CoinDesk on Friday.

The move comes after the token failed to meet the exchange’s internal standards, and will see trading activity for MOVE on Coinbase’s exchange, Pro and OTC platforms be suspended.

The delisting also comes amid an ongoing investigation into a recent deal involving Movement Labs and market-making firm Web3Port, which is alleged to have been facilitated by a third party with ties to both sides of the agreement.

The token has dropped nearly 15% in the past 24 hours and is down around 65% since the start of the year, with the price collapse being linked to a company called Rentech, which secured control of 66 million MOVE tokens during the token launch in December 2024.

However, the tokens were sold off shortly after by Rentech, which is said to have been acting on behalf of a third party that had ties to both Movement Labs and Web3Port in order to facilitate the deal.

The rapid selloff is said to have placed around $38 million in selling pressure on the token, which was launched at an initial price of $0.60 but is now trading at around $0.20.

An independent investigation into the deal, being carried out by security firm Groom Lake on behalf of the Movement Network Foundation, was launched on April 21, with the Foundation confirming that the probe is now underway.

Coinbase did not immediately respond to a request for comment from Block's CoinDesk, while a Coinbase spokesperson told Benzinga that the delisting of MOVE was part of an ongoing process to continually monitor and adjust the exchange’s offerings.

“Coinbase is suspending trading for the MOVE token on May 15, 2024, and will be adjusting its listed instruments accordingly. This decision is part of Coinbase’s ongoing process to monitor and make changes to its listed instruments.

Coinbase is suspending trading for the MOVE token on May 15, 2024, and will be adjusting its listed instruments accordingly. This decision is part of Coinbase’s ongoing process to monitor and make changes to its listed instruments.

Coinbase will be making the following adjustments to its listed instruments:

As part of this decision, any outstanding limit orders will be canceled. Affected users will be notified via email.

Coinbase is committed to providing its customers with a best-in-class trading experience. We are continually evaluating our offerings to ensure that they meet the needs of our customers. We will provide updates on any further changes to our listed instruments.

In the meantime, customers can continue to trade the MOVE token on other platforms.”

The post Coinbase To Delist MOVE Token From Exchange On May 15

appeared first on Benzinga.

News data source: kdj.com

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