Binance Investigates BOME Insider Trading, Offers $5 Million Reward

Key Takeaways

• Binance investigated insider trading claims related to BOME, a meme coin.
• Initial findings show no connection between the accused and Binance.
• Binance is committed to a fair market, offering rewards for info on corrupt practices.

Binance, a leading cryptocurrency exchange, has started a detailed probe into accusations related to the Solana-based meme coin, Book of Meme (BOME), following the “BOME rat warehouse” incident and subsequent community concerns about possible insider trading.

The exchange quickly took action by initiating an internal investigation in response to these issues.

Binance Staff Cleared in BOME Insider Trading Probe

Following insider trading allegations involving BOME, Binance released a statement on X  affirming its dedication to transparency and fairness.

Binance addressed community  concerns regarding the so-called “BOME rat warehouse” incident, saying it would launch an internal investigation. The preliminary findings indicate no connection between the individual in question and Binance.

Binance expressed gratitude  for the community’s ongoing vigilance and input, emphasizing the importance of such contributions to the platform. They committed to conducting a thorough investigation to maintain transparency and fairness, promising rewards between $100,000 and $5 million for information leading to the discovery of listing-related corruption or corrupt actions by Binance team members.

The exchange reaffirmed  its dedication to upholding a fair and transparent trading environment, pledging to take necessary measures to investigate any wrongdoing and to keep the public informed about the investigation’s progress. Binance thanked its community for their support and understanding, promising timely updates on any developments.

Binance Fights Insider Trading Rumors with Bounty Program and Listing Overhaul

The term “rat warehouse” in relation to Binance seems to derive from discussions and controversies surrounding potential insider trading or information leaks within the platform, particularly concerning the listing of new tokens. While the term itself wasn’t explicitly defined in the sources reviewed, the context suggests it’s related to strategies or incidents where inside information could be exploited for trading advantages, akin to a “warehouse” storing valuable commodities—in this case, information.

Binance has been proactive in addressing concerns of insider trading and information leaks. Following BOME’s listing and subsequent accusations of possible leaks from within Binance, the exchange announced a bounty of up to $5 million for information on potentially corrupt staff members. This aimed to counteract internal misconduct and reinforce the integrity of its token listing process. Binance’s efforts include overhauling its token listing procedure, implementing stricter controls for team members involved in the listing process, and improving technical monitoring to prevent unauthorized access to sensitive information​

Binance Lists BOME with Zero Fees & High Leverage Trading

The exchange, therefore, launched an internal investigation following the accusations. Preliminary results have since indicated that the individual at the center of the controversy has no ties to Binance.

On March 16, Binance listed new spot trading pairs involving BOME. The pairs include BdOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, with the exchange setting the listing fee at zero BNB.

The announcement of BOME’s listing on Binance has drawn considerable interest from the crypto community, considering the platform’s notable impact on token prices. Furthermore, Binance is expanding its offerings by launching a USDS-M BOME Perpetual Contract on its Futures platform, with the option for traders to leverage up to 50 times.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

See more

[email protected] LinkedIn Twitter