Binance Responds to Allegations of Insider Trading of Solana Meme Coin BOME

Binance has released an official statement in response to recent allegations circulating within the crypto community regarding insider trading of the Solana-based meme coin, BOOK OF MEME (BOME). The statement came via Binance’s official Chinese handle on the X platform.

The controversy centered around what has been dubbed the “BOME Rat Barn” incident, which pointed accusing figures at Binance officials. This development has prompted Binance to initiate an internal investigation. According to its preliminary findings, the exchange clarified that the individual implicated in the allegations is not affiliated with Binance.

Notably, this insider trading allegation emerged following Binance’s recent listing of the Solana-meme coin BOME. The token surged by 2,888% from $0.0009373 to an all-time high of $0.02801 in one day, specifically from March 15 to 16. However, the coin has crashed significantly in the last 24 hours, putting its value at $0.0137 at press time.

In the clarification tweet, Binance expressed gratitude for the community’s vigilance and pledged to continue to uphold transparency and fairness in all operations. While emphasizing the importance of community feedback, the exchange urged individuals to report any instances of currency listing corruption or team member misconduct.

Furthermore, Binance reaffirmed its commitment to maintaining a level playing field in the crypto market. It assured users that it would thoroughly investigate any allegations of wrongdoing, promising to make the findings public.

To incentivize reporting, Binance announced rewards ranging from $100,000 to $5 million for verified instances of corruption, with the identity of the informant kept confidential. The exchange has provided “[email protected]” as the designated email address for reporting misconduct.