Binance, the world’s leading cryptocurrency exchange, has firmly refuted the recent allegations of insider trading involving the Solana-based meme coin, BOOK OF MEME (BOME). The exchange released an official statement addressing the matter through its Chinese handle on the X platform.
The allegations, dubbed the “BOME Rat Barn” incident, accused Binance officials of insider trading. In response, Binance promptly launched an internal investigation. Also, preliminary findings from the exchange clarified that the individual implicated in the allegations has no affiliation with Binance.
The controversy arose following Binance’s recent listing of the Solana meme coin BOME, which saw an incredible 2,888% surge from $0.0009373 to an all-time high of $0.02801 in a single day, spanning March 15 to 16, 2024. However, the coin’s value has since experienced a significant crash, currently standing at $0.0137 at the time of writing.
In its statement, Binance expressed gratitude for the community’s vigilance and reaffirmed its unwavering commitment to upholding transparency and fairness in all operations. While acknowledging the importance of community feedback, the exchange urged individuals to report any instances of currency listing corruption or team member misconduct.
Binance CEO Changpeng Zhao stated, “We take allegations of insider trading very seriously and will not tolerate any form of corruption or unfair practices within our organization.”
Binance Rewards Reporting Integrity
Furthermore, the exchange reiterated its dedication to maintaining a level playing field in the crypto market. Binance assured users that it would thoroughly investigate any allegations of wrongdoing and make the findings public.
To encourage reporting, Binance announced rewards ranging from $100,000 to $5 million for verified instances of corruption, with the informant’s identity kept confidential. The designated email address “audit@binance.com” has been provided for reporting misconduct.
The crypto community widely praised the exchange for swiftly and transparently responding to the allegations, which further solidified Binance’s reputation for ethical business practices and its commitment to maintaining a fair and transparent market.
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