Bittime –Binance,crypto trading platform, is conducting a thorough investigation into the allegations surrounding theSolana-,Book of Meme (BOME). This investigation was prompted by the “BOME rat warehouse” incident and community concerns about potential insider trading.
As a quick response, Binance immediately launched an internal investigation to address this issue.
Is it true that there are BOME Insiders on Binance?
In response to allegations of insider trading involving BOME, Binance released a statement affirming their commitment to transparency and fairness.
Binance responded to community concerns regarding the “BOME rat warehouse” incident by announcing an internal investigation. Initial findings indicate there is no connection between the individuals in question and Binance.
Binance expressed its appreciation for the awareness and input from the community. They emphasized the importance of such contributions to the platform.
Binance is committed to conducting a thorough investigation to maintain transparency and fairness. They are offering rewards of $100,000 to $5 million (around IDR 1.4 billion to IDR 71 billion) for information leading to the discovery of listing-related fraud or corrupt actions by Binance team members.
Also read: $BOME makes this trader a lot of money, here's the story!
Binance reiterates their dedication to upholding a fair and transparent trading environment.
They pledged to take the necessary steps to investigate any wrongdoing and keep the public informed about the progress of the investigation.
Binance thanks the community for their support and understanding, and promises timely updates on any developments.
Check Today's Crypto Market:
Banishing Insider Rumors: Release of Bounty Program and Update to Binance Listing Process
The term "cellar rat" in relation to Binance appears to stem from discussions and controversies surrounding potential insider trading or information leaks within the platform, especially regarding new token listings.
The term itself is not explicitly defined, but the context suggests it relates to a strategy or incident where inside information can be exploited for trading advantage, similar to a “warehouse” that stores a valuable commodity – in this case, information.
Binance is proactive in addressing concerns of insider trading and information leaks. Following BOME's listing and accusations of internal leaks from Binance, the platform announced a bounty program of up to $5 million (around IDR 71 billion) for information about potentially corrupt staff.
This aims to fight internal violations and strengthen the integrity of their token listing process.
Binance's efforts include overhauling token listing procedures, implementing stricter controls for team members involved in the listing process, and improving technical monitoring to prevent unauthorized access to sensitive information.
Also Read: Avalanche vs Solana: Comparison of Two Popular Blockchains, Which is Superior?
Binance Listing BOME with Zero Fees and High Trading Leverage
Binance launched an internal investigation following the allegations. Initial results suggest that the individual at the center of the controversy is not associated with Binance.
On March 16, Binance included BOME in its new spot trading list. Available trading pairs include BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, with listing fees set at zero BNB.
The announcement of BOME's listing on Binance attracted great attention from the crypto community, given the platform's significant influence on the token price. Additionally, Binance expanded its offering by launching the Perpetua BOME USDS-M Contract on the Futures platform, with a leverage option of up to 50 times.
Also Read: BOME Price Skyrockets 1800% in a Week, What's the Secret?
Response To Binance's Move
The steps taken by Binance to address BOME's insider trading allegations have received various responses from the crypto community.
1. Appreciation for Transparency Efforts
Several parties appreciated Binance's quick and transparent steps in handling allegations of insider trading. The bounty program with large prizes is seen as a form of Binance's seriousness in eradicating internal corruption.
2. Doubts Remain
Even though Binance stated that it had found no evidence of involvement by its staff, some in the community still questioned the independence of the internal investigation.
This skepticism is natural considering the difficulty of proving insider trading, especially if it involves a neat network.
3. Hope for the Future
Users hope that Binance can continue to improve their token listing procedures to prevent information leaks and insider trading.
Increased transparency, such as clearer disclosure of listing criteria, is expected to rebuild community trust.
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Conclusion: Maintaining Trust in the Crypto Market
This incident is a reminder of the importance of maintaining trust in the crypto market. Insider trading can damage market integrity and harm retail investors.
Binance, as a leading crypto trading platform, has a great responsibility to uphold fair and transparent trading practices.
The steps taken by Binance to investigate BOME's insider trading allegations are worthy of appreciation. However, rebuilding trust requires long-term commitment and concrete action.
The crypto community will continue to monitor Binance's developments and hope that this platform can become a pioneer in ethical crypto trading practices.
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To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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Why do BOME prices continue to soar? This is the Secret Behind His Rise!
BOME Price Skyrocketed 20x in a Short Time, Here's the Reason
BOME Price Skyrockets 1800% in a Week, What's the Secret?
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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