Binance recently launched an investigation into the Solana-based meme coin, Book of Meme. This decision follows community discussions and allegations about potential insider trading linked to an event known as the “BOME rat warehouse” incident. Binance emphasizes its dedication to ensuring market fairness and transparency by starting an internal inquiry to explore these allegations thoroughly.
The exchange highlighted its efforts to determine if any Binance staff were involved with the insider trading allegations concerning BOME. Initial findings from Binance suggest that the person under investigation has no association with the platform. Binance urges anyone with information about insider trading or corruption related to currency listings to come forward. They promise rewards ranging from $100,000 to $5 million for information that leads to confirmed reports, guaranteeing whistleblower anonymity.
Binance’s Commitment and BOME’s Market Performance
In light of listing BOME, Binance unveiled several trading pairs, including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, all set to begin trading on March 16 at 12:30 UTC. The platform announced a 0 BNB listing fee to support the meme token’s introduction. Furthermore, Binance launched the USDS-M BOME Perpetual Contract on its Futures platform, offering up to 50x leverage.
Following these developments, its value skyrocketed by 345% on March 16, reaching $0.02703, with trading volume surging by 262% to $3.8 billion. This surge placed the token the ninth most-traded cryptocurrency. Since its market debut on March 14, BOME experienced an unprecedented increase, rising over 39,000% from its lowest point.
Binance maintains its promise to conduct thorough investigations into any misconduct allegations, showing openness to feedback from its community. This stance reaffirms the exchange’s commitment to upholding market integrity and transparency.