Crypto exchange giant Binance has announced the initiation of a thorough investigation into allegations of insider trading linked to the Solana-based meme coin, Book of Meme (BOME).
The move comes in response to mounting community discussions and accusations surrounding the “BOME rat warehouse” incident. Binance took to its official platform to underscore its unwavering commitment to market fairness and transparency, announcing the immediate commencement of an internal inquiry into the matter.
According to Binance’s official statement, the investigation was prompted by concerns over potential insider trading activities involving BOME. The primary objective was to evaluate any possible involvement of Binance personnel in the alleged misconduct. However, preliminary findings from Binance’s internal investigation have indicated that the individual implicated in the incident has no affiliation with the exchange.
In a proactive stance against illicit activities, Binance has urged individuals possessing information regarding any wrongdoing, including insider trading or corruption related to currency listings, to come forward and report such incidents. To incentivize whistleblowers, the exchange has pledged rewards ranging from $100,000 to $5 million for verified reports, while ensuring the anonymity of those who step forward.
The recent development follows Binance’s disclosure of its decision to list BOME, including specific spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, commencing March 16 at 12:30 UTC. Notably, the listing fee for BOME was set at 0 BNB, demonstrating Binance’s support for the inclusion of the meme token on its platform.
In addition to spot trading, Binance has introduced the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options of up to 50x. The listing announcement sparked a significant surge in BOME’s value, with the coin experiencing a staggering 345% increase on March 16 alone, reaching $0.02703. Furthermore, its trading volume soared by 262% to $3.8 billion, catapulting BOME to ninth place among the most-traded cryptocurrencies. Since its market debut on March 14, BOME has witnessed an unprecedented rise of over 39,000% from its all-time low.
