Binance, the world-renowned crypto exchange, has announced a substantial reward program offering between $100,000 and $5 million for information regarding insider trading or corruption on its platform.
The announcement follows the crypto exchange's decision to list the Solana-based memecoin Book of Meme (BOME). The coin was introduced with trading pairs, including Bitcoin (BTC), Tether (USDT), First Digital USD (FDUSD), and the Turkish Lira (TRY).
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Suspicion arose shortly before the BOME listing on Binance when a crypto whale acquired 314 million BOME tokens on the Raydium decentralized exchange for $2.3 million at an average price of $0.0074 per token.
This purchase turned into an $8 million valuation following the token's listing on Binance, as the price surged to $0.026.
The community quickly flagged this trade as potentially suspect, sparking debates over whether this was a case of insider knowledge or mere luck.
Binance investigated the insider trading claims, however, according to a statement released on X, found no connections between the trader in question and the crypto exchange.
As part of its commitment to maintaining a fair and transparent trading environment, Binance has offered a generous reward to individuals who provide credible reports on insider trading or corruption.
Binance's customer support has also stated:
Transparency is a top priority at Binance, and our investigations team will continue to look into the case thoroughly.
This initiative not only underscores the crypto exchange's proactive stance on combating market manipulation but also highlights its role as a steward of ethical trading practices in the crypto space.
In other news related to the crypto exchange, Binance Labs has separated from Binance, establishing itself as an independent venture capital fund with a portfolio worth over $10 billion.
