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.
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.
Related: Binance to purge 14 tokens following ‘vote to delist’ process
Investigation launched into Movement Labs deal
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.
The MOVE token has been in a downtrend ever since early January 2025 and is trading at around $0.20 at the time of this writing.
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