Binance Probes BOME Insider Trading, Offers $5M Rewards

(CTN News) – A popular crypto exchange, Binance, has initiated a thorough investigation into allegations surrounding Book of Memes (BOME) crypto, a Solana-based meme coin.

The speculation stemmed from the “BOME rat warehouse” incident, following a community discussion and concerns about possible insider trading. After the situation occurred, the exchange initiated an internal investigation.

BOME Rat Warehouse Investigation by Binance

According to Binance’s official statement on X, it is committed to transparency and fairness in the crypto market. According to the exchange, “We are taking this information very seriously and immediately launched an internal investigation based on relevant leads.”

The investigation, prompted by allegations of BOME insider trading, sought to determine if personnel were involved in the reported insider trading.

In its preliminary findings, Binance stated that the individual implicated in the incident had no affiliation with the exchange. Furthermore, this declaration provides users and investors with assurances as to integrity.

Aside from this, Binance has encouraged individuals with information regarding any misconduct regarding currency listings, including insider trading or corruption. Additionally, the exchange has pledged monetary rewards up to $5 million for verified whistleblower reports, ensuring their confidentiality.

Binance has promised to inform the public whenever any developments arise from the investigation. Furthermore, the exchange reaffirmed its commitment to investigating the BOME insider trading allegations thoroughly and remains open to user feedback.

BOME Insider Trading Speculations: Causes and Effects

The Binance platform announced on March 16 at 12:30 UTC the listing and opening of specific spot trading pairs. BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY are some of the trading pairs that will be offered. Solana-based meme tokens were also listed at 0 BNB, signaling Binance’s support for them.

Considering Binance’s history of influencing token price movements, BOME’s listing on the platform has drawn significant attention from crypto enthusiasts. Furthermore, Futures launched USDS-M BOME Perpetual Contracts with up to 50x leverage.

This announcement led to a 200% rise in BOME’s price. Binance’s listing announcement sparked a 320% rise in BOME’s price.

In addition, previous listing events, such as those of RONIN and BLUR, had shown considerable volatility in token prices post-listing. RONIN experienced a significant decline after its listing, while BLUR surged. Following BOME’s listing, speculation about its price action has been sparked.

An individual trader has accumulated 314 million BOME, without selling any of his holdings, which has fueled speculation. Due to these substantial accumulations, speculation about further price increases has arisen in the absence of any sell-offs.

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