Binance initiates inquiry into allegations of insider trading at BOME
Binance, a prominent cryptocurrency exchange, has recently launched a thorough investigation into the allegations surrounding Book of Meme (BOME), a meme coin built on the Solana blockchain. The decision to investigate was prompted by claims and discussions within the community about potential insider trading connected to the “BOME rat warehouse” incident. Binance, in an official statement on the X platform, expressed its commitment to fairness and transparency in the market and announced the immediate initiation of an internal inquiry in response to these allegations.
According to Binance, the investigation was initiated due to concerns about possible insider trading involving BOME. The objective was to determine if any Binance staff members were involved in the matter. However, Binance’s initial findings from the investigation revealed that the individual in question had no affiliation with the exchange.
In addition, Binance has urged individuals with information about any misconduct, including insider trading or corruption related to currency listings, to come forward and report such incidents. The exchange has pledged to provide rewards ranging from $100,000 to $5 million for verified reports, while ensuring the anonymity of whistleblowers.
Binance has also reasserted its commitment to conducting thorough investigations into the allegations of misconduct in the BOME insider trading case and has expressed its openness to feedback from its user community.
This development comes shortly after Binance announced its decision to list BOME on its platform, along with specific spot trading pairs, such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, starting from March 16 at 12:30 UTC. Notably, the listing fee for BOME was set at 0 BNB as a show of support for the meme token’s inclusion on the exchange.
Furthermore, Binance has introduced the USDS-M BOME Perpetual Contract on its Futures platform, with leverage options of up to 50x. Following the listing announcement, the value of BOME experienced a significant surge of 345% on March 16, reaching $0.02703, with its trading volume increasing by 262% to $3.8 billion. This impressive performance placed BOME as the ninth most-traded cryptocurrency. Since its introduction to the market on March 14, BOME has witnessed an extraordinary rise of over 39,000% from its all-time low.
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