Binance Probes BOME Insider Trading, Offers $5M Reward

Binance is conducting a thorough investigation into allegations surrounding BOME, prompted by the “BOME rat warehouse” incident.

Binance, a well-known cryptocurrency exchange, has launched an exhaustive investigation into charges against the Book of Meme (BOME) cryptocurrency, a meme token based on the Solana blockchain.

These speculations stemmed from the “BOME rat warehouse” incident, community discussions, and concerns about potential insider trading. Following that, the exchange swiftly responded to the situation by initiating an investigation within the organization.

Binance Investigates BOME Inside Trading Case

The exchange stressed its dedication to openness and justice within the cryptocurrency industry in a statement that served as an official announcement on X.

“We take this information very seriously and immediately launched an internal investigation based on relevant leads,” Binance stated during the conversation.

Allegations regarding BOME insider trading initiated the investigation, which aimed to investigate any potential involvement of Binance workers in the reported insider trading conduct.

The preliminary findings of the internal inquiry indicate that the exchange has no connection to the individual involved in the event. Furthermore, this disclosure assures users and investors of no compromise to the integrity of Binance’s operations. 

Furthermore, the exchange has urged those with information about any misbehavior, such as insider trading or corruption related to currency listings, to come forward.

In addition, the exchange has committed to offering monetary awards ranging from $100,000 to $5 million for reports that have been validated, while also guaranteeing that the identities of those who speak up will remain anonymous. 

As the investigation continues, the exchange has committed to keeping the general public updated on any new information that may emerge from the probe.

In addition, the exchange restated its commitment to undertaking exhaustive investigations into the charges of misbehavior in the BOME insider trading case.

It stated that it will continue to be open to receiving input from its user base. Binance had previously indicated that it would be listing specific spot trading pairs on March 16 at 12:30 UTC.

Additionally, the exchange opened them up. The exchange will initially open trading pairings such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY.

In addition, Binance decided to set the listing fee at 0 BNB, which is a clear indication that it is in favor of listing the Solana-based meme currency. 

Since Binance has a history of influencing token price movements, the listing of BOME on Binance has garnered a significant amount of attention from cryptocurrency market enthusiasts.

Binance Futures also announced the debut of the USDS-M BOME Perpetual Contract. This contract offers up to 50x leverage. When the announcements were being made, the price of BOME experienced a 200% rise.

Following this, the announcement of BOME’s listing on Binance led to a remarkable 320% increase in the cryptocurrency’s cost, garnering global attention.

Furthermore, prior listing events on Binance, like those of RONIN and BLUR, demonstrated a notable degree of volatility in token pricing following their listing.

Following the listing of RONIN, the cryptocurrency witnessed a significant decrease, while BLUR experienced a tremendous spike. Following BOME’s launch on Binance, these occurrences sparked conjecture about the cryptocurrency’s possible price action. 

Additionally, speculation has been stoked by the accumulation of 314 million BOME by a single trader who has not yet sold any of their holdings. This trader has not put any of their holdings up for sale.

This considerable accumulation has sparked speculation about further price increases, and the absence of sell-offs has led to the allegation that potential insider knowledge may influence the trader’s conduct.