Binance Dispels Insider Trading Allegations Amid BOME Frenzy

Crypto News- Binance made a significant clarification today regarding a recent “BOME transaction,” reassuring users that it is not connected to any Binance personnel. This clarification comes amidst concerns over potential insider trading following the introduction of Book of Meme (BOME), a memecoin, onto the Binance platform. By dissociating the transaction from Binance staff, the exchange aims to alleviate worries and maintain transparency within its operations.

The addition of memecoins like Book of Meme to trading platforms has garnered attention due to their volatile nature and potential susceptibility to market manipulation. As such, ensuring fair and equitable trading practices is paramount for platforms like Binance to uphold their reputation and maintain trust among users.

Binance Dispels Insider Trading Allegations Amid BOME Frenzy

“In response to the notable BOME transaction, we promptly launched an internal investigation, confirming that the user involved is not affiliated with Binance,” stated the exchange in a post on X.

The leading cryptocurrency exchange also announced a reward ranging from $100,000 to $5 million for users who report any relevant fraudulent activities.

Binance’s BOME Surge: Lookonchain’s Observation

This statement from Binance follows a report by on-chain data firm Lookonchain on X, which detailed a wallet withdrawing 12,721 SOL from Binance and acquiring 314 million BOME at $0.0074 per token, as per data from Solscan. “Does He know something we don’t?” pondered Lookonchain. Subsequently, on Saturday, Binance introduced BOME trading pairs — BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY — leading to a remarkable surge of over 1500% in the BOME price on the exchange.