Coinbase suspends trading for MOVE token

Crypto exchange Coinbase has announced it will suspend trading of the Movement Network token (MOVE), the native cryptocurrency of the Movement layer-2 blockchain protocol, developed by Movement Labs, effective May 15.

The decision was shared in a May 1 X post, with Coinbase citing the token’s failure to meet its listing standards. The price of the MOVE token also declined by approximately 14.5% in the last 24 hours. Coinbase specified the details of the suspension in an announcement:

“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.”

The suspension of the token follows a recently announced third-party review orchestrated by the Movement Network Foundation into an agreement allegedly signed by Movement Labs and a market-making firm, which is said to be behind the downfall of the MOVE token price in December 2024.

Coinbase, United States, Cryptocurrency Exchange — *Source:* *Coinbase Assets*

A Movement Network Foundation spokesperson recently confirmed to Cointelegraph that the third-party investigation, which commenced on April 21, is ongoing. The investigation is being conducted by Groom Lake, an independent cybersecurity and intelligence firm, and has cast a cloud over the MOVE token’s price.

The details of the ongoing investigation, reported by CoinDesk on April 30, revealed an agreement between Movement Labs and Web3Port, a market maker to help distribute the Move token at launch.

According to the report, a company called “Rentech” helped to broker the agreement between the two firms, appearing on both sides of the deal — as a Web3Port subsidiary and as an agent of the Movement Foundation.

The deal reportedly gave Rentech control of over 66 million MOVE tokens that it sold-off after the token launch in early December 2024, triggering $38 million in downward price pressure.