Coinbase suspends trading of MOVE token from 15 May

Leading US crypto exchange Coinbase has announced that it will suspend trading of the Movement Network Token (MOVE) from 15 May 2025. According to Coinbase, the MOVE token no longer meets its internal standards for continued listing.

Restricted trading mode activated

Effective immediately, the token is in limited trading mode (limit-only mode). Users can therefore only place or cancel existing limit orders.

Controversial agreement weighs on MOVE token

The decision comes amid an ongoing investigation into an agreement between Movement Labs and Web3Port, brokered by Rentech. The deal gave Rentech access to over 66 million MOVE tokens, which were sold off in large quantities after the token launch in December 2024. This led to a significant price drop, resulting in a loss of value of around 38 million US dollars.

Independent investigation underway

The independent cybersecurity firm Groom Lake is currently investigating the events surrounding this controversial deal on behalf of the Movement Network Foundation. The MOVE token has been in a sustained downward trend since January 2025 and most recently fell by around 14.5% to a price of around $0.20 within just 24 hours of Coinbase’s announcement.

Risks and transparency in the crypto market

The uncertainties surrounding the ongoing investigation and Coinbase’s actions once again highlight the risks that can arise in the crypto world from a lack of transparency and potential conflicts of interest.