Cryptocurrency exchange Binance announced that it is investigating possible insider trading on the platform and is offering rewards ranging from $100,000 to $5 million for details.
Binance launched the internal investigation amid concerns and rumors of possible insider trading related to the Book of Meme (BOME) token on the Solana blockchain.
Binance released an official statement at X, announcing the launch of the internal investigation.
Loading...
The cryptocurrency exchange said: "We have noticed discussions in the community regarding the BOME incident on Binance. We take this information very seriously and immediately launched an internal investigation based on relevant leads."
On March 15, a trader who bought BOME the day before its launch made a potential profit of millions of dollars after selling his tokens. The trader ended up selling 170 million tokens for $131,000 before the tokens moved on. At current market prices, the tokens would have been worth $2.3 million.
Binance has called on anyone with information about any wrongdoing, including insider trading or corruption, to come forward. Rewards for information range from $100,000 to $5 million.
The primary goal now is to determine if any Binance employees were involved in any potential misconduct. Preliminary results reportedly show no confirmed insider trading.
The exchange said that preliminary results of Binance's internal investigation have not revealed the suspect's ties to the exchange.
Binance is committed to its goal of providing a transparent trading environment and preventing any misconduct that could affect the fairness of the market, the company said.
Read also: Bitget introduces zero fee for popular spot pair trading
