Binance Personnel Cleared of Insider Trading Allegations in BOME Controversy
Binance has cleared its personnel from the allegations surrounding Book of Meme (BOME), a meme coin built on the Solana blockchain.
The move follows widespread discussions and allegations of possible insider trading associated with the “BOME rat warehouse” incident, prompting Binance to take swift action to address the matter.
Binance Responds to Allegations
In an official statement released on X, the exchange emphasized its commitment to maintaining transparency and fairness within the cryptocurrency market and assured users that the integrity of trading activities remains a top priority.
According to the statement, preliminary investigation results suggest that the individual implicated in the allegations has no affiliation with Binance. However, the exchange reiterated its dedication to thoroughly examining the matter to ensure the accuracy of the findings.
Binance also expressed gratitude for the community’s vigilance and pledged to continue investigating the issue to uphold market fairness. To encourage reporting of potential misconduct, it also announced rewards ranging from $100,000 to $5 million for reports involving currency listing and other forms of corruption.
The controversy arose as Binance announced its decision to list BOME, offering spot trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, which took effect on March 16. Additionally, Binance introduced the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options up to 50 times.
BOME Surges Amidst “Rat Warehouse” Controversy
Following the listing announcement, BOME experienced a huge rise, with its value surging by 345% on March 16 alone, reaching $0.02703. Trading volume also increased, soaring by 262% to $3.8 billion, pushing BOME into the ranks of the most traded cryptocurrencies, with the meme coin coming in ninth place.
The term “rat warehouse” concerning Binance stems from discussions and controversies surrounding potential insider trading or information leaks within the platform, particularly concerning the listing of new tokens.
Previous listing events on Binance, such as RONIN and BLUR, have demonstrated considerable volatility in token prices post-listing. RONIN witnessed a significant decline, whereas BLUR experienced a surge. These events fueled speculation regarding the potential price action of BOME following its listing on Binance.
Describing itself as “an experimental project that is preparing to redefine the Web3 culture,” Book of Meme (BOME) is a Solana-based meme coin that aims to unite the ever-evolving meme culture within a digital “Meme book” preserved on the blockchain.
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Filed under: Bitcoin - @ March 18, 2024 10:45 pm