Coinbase has announced it will halt trading of the MOVE token—the native cryptocurrency of the Movement Network, a layer-2 blockchain protocol developed by Movement Labs—starting May 15.

The announcement, shared on X on May 1, clarified that the token didn't meet Coinbase's listing standards. This announcement, MOVE’s price experienced a sharp decline of 14.5% over the past 24 hours.

Coinbase reports that all MOVE trading will be halted.  This includes Coinbase Prime, the Coinbase Exchange, and their standard and advanced platforms. The official post states that the MOVE order books will be put in limit-only mode and that trading for MOVE will be temporarily halted. While you can still place or cancel limit orders, trades may still be executed under certain circumstances.'

The pause is linked to an ongoing investigation into a transaction involving Movement Labs and a market-making firm. This transaction is believed to have contributed to the token's price decline in December 2024. According to sources, Rentech aided the purchase by selling over 66 million MOVE tokens and putting $38 million in price pressure.

In order to protect investors and maintain market integrity, Coinbase has moved MOVE trading to limit-only mode.   This allows customers to place, cancel, or potentially match limit orders. Following a previous surge after its mainnet launch and ETF filing, the MOVE token now faces an uphill battle in restoring investor trust.