Cryptocurrency exchange Coinbase will suspend the listing of the cryptocurrency Movement (MOVE) "on or around" 2 p.m. ET on May 15 on Coinbase.com, Coinbase Exchange, and Coinbase Prime, the company said Thursday on X.
In the meantime, Coinbase has placed the MOVE order books in limit-only mode, meaning users can place and cancel limit orders but cannot place market orders, the firm added.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” Coinbase wrote on X. The company did not provide additional comment when contacted by The Block.
Following Coinbase's announcement, MOVE's token price fell around 20%, from $0.25 to $0.20, according to The Block's MOVE price page. The token maintains a market capitalization of $505.9 million.
MOVE token controversy
After the Movement Network launched its mainnet beta and native token on Dec. 9, 2024, a market maker appears to have dumped 66 million MOVE tokens to gain a $38 million profit in the stablecoin USDT.
In March of this year, crypto exchange Binance claims to have found the "market maker abnormalities" and delisted the entity from its platform due to its "misconduct" related to the MOVE token.
After this investigation, the Movement Network Foundation, which oversees growth of the MOVE ecosystem and community, as well as MOVE developer Movement Labs severed relations with the entity. They also launched a third-party investigation into the matter and established the "Movement Strategic Reserve" of 38 million USDT to restore liquidity in the Movement ecosystem, The Block previously reported.
In January, the Movement Labs drew additional scrutiny after its co-founder Rushi Manche denied insider trading occurred when tied to World Liberty Financial $2 million purchase of MOVE tokens. Manche took a "temporary leave of absence" in mid-April.
