Coinbase to Halt MOVE Token Trading as Price Fallout Investigation Continues

Coinbase stated that MOVE no longer meets the standards required for tokens to remain listed on the platform.

The exchange explained in a May 1 post on X, "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".

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This means users can only place and cancel limit orders, and trades will only happen if prices match.

The decision comes as an investigation into the MOVE token continues. The Movement Network Foundation recently hired Groom Lake, a cybersecurity and intelligence company, to look into an agreement linked to a MOVE price fall in December 2024. The review began on April 21 and is still ongoing.

So far, the investigation has found that Movement Labs, which built the protocol, and a market-making firm called Web3Port had an agreement to help distribute MOVE when it launched.

A third company, Rentech, helped arrange this deal. Documents show that Rentech was involved as part of Web3Port and as an agent for the Movement Foundation.

On April 25, Coinbase sent two letters to the Office of Government Ethics (OGE) Acting Director Jamieson Greer and the new SEC Chair, Paul Atkins. What did the letters say? Read the full story.