Binance Initiates Probe into Allegations of Insider Trading Involving BOME

Crypto Exchange Binance Launches Investigation

Binance, a leading cryptocurrency exchange, has recently announced the initiation of a thorough investigation into allegations surrounding Book of Meme (BOME), a meme coin based on the Solana blockchain.

This move comes following community discussions and allegations of insider trading associated with the “BOME rat warehouse” incident. Binance made an official statement on the X platform, emphasizing its dedication to market fairness and transparency. The exchange stated that it has immediately commenced an internal inquiry in response to these allegations.

Investigation Details

Binance revealed that the investigation was prompted by concerns regarding potential insider trading related to BOME. The objective was to examine any potential involvement of Binance personnel in the matter. However, preliminary findings from Binance’s investigation indicate that the individual in question has no affiliation with the exchange.

Call for Information

Binance has urged individuals with information regarding any misconduct, including insider trading or corruption concerning currency listings, to come forward and report such incidents. The exchange has committed to providing rewards ranging from $100,000 to $5 million for verified reports, while ensuring the anonymity of whistleblowers.

Additionally, Binance has reiterated its commitment to conducting thorough investigations into the allegations of misconduct in the BOME insider trading case. The exchange remains open to feedback from its user community.

Listing Announcement and Market Impact

This development follows Binance’s recent decision to list BOME, introducing specific spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, starting March 16 at 12:30 UTC. Notably, the listing fee was waived as a show of support for the meme token’s inclusion on the platform.

Binance has also launched the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options up to 50x. Following the listing announcement, BOME’s value surged by 345% on March 16, reaching $0.02703. Its trading volume saw a significant increase of 262% to $3.8 billion, positioning BOME as the ninth most-traded cryptocurrency. Since its market debut on March 14, BOME has experienced an extraordinary rise of over 39,000% from its all-time low.