Binance Launches Probe into Allegations of Insider Trading with BOME

Binance, a prominent cryptocurrency exchange, has announced the commencement of a thorough investigation into allegations surrounding Book of Meme (BOME), a meme coin built on the Solana blockchain.

This decision comes in response to growing concerns and community discussions regarding potential insider trading connected to the “BOME rat warehouse” incident. Binance issued an official statement on its platform X, reaffirming its dedication to market fairness and transparency. It stressed the immediate launch of an internal inquiry following these allegations.

Binance clarified that the investigation was prompted by suspicions of insider trading involving BOME, with the aim of determining whether any Binance staff members were implicated. However, preliminary findings from Binance suggest that the individual in question has no affiliation with the exchange.

Additionally, Binance has urged anyone with information regarding misconduct, such as insider trading or corruption related to currency listings, to come forward. The exchange has committed to providing rewards ranging from $100,000 to $5 million for substantiated reports, while guaranteeing the anonymity of whistleblowers.

Furthermore, Binance has reiterated its commitment to thoroughly investigating the allegations of misconduct in the BOME insider trading case and remains open to feedback from its user community.

These developments follow Binance’s recent announcement of its decision to list BOME, including specific spot trading pairs like BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, starting from March 16 at 12:30 UTC. Notably, the listing fee was waived as a gesture of support for the meme token’s inclusion on the platform.

Moreover, Binance has introduced the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options of up to 50x. Following the listing announcement, BOME’s value surged by 345% on March 16, reaching $0.02703, while its trading volume increased by 262% to $3.8 billion. This positioned BOME as the ninth most-traded cryptocurrency. Since its market debut on March 14, BOME has experienced an extraordinary surge of over 39,000% from its all-time low.

Also Read: Solana (SOL) and BOME Coin Surge in Social Media Spotlight

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