Binance, a prominent cryptocurrency exchange, has announced the initiation of a thorough investigation into allegations surrounding Book of Meme (BOME), a meme coin based on the Solana blockchain.

The decision to launch the investigation follows widespread discussions and allegations within the community regarding potential insider trading associated with the "BOME rat warehouse" incident. In an official statement posted on the X platform, Binance reaffirmed its dedication to market integrity and transparency, underlining the immediate commencement of an internal inquiry in response to these allegations.

The investigation, prompted by concerns of possible insider trading involving BOME, aims to scrutinize any potential involvement of Binance personnel in the matter. However, preliminary findings from Binance's initial investigation revealed no connection between the individual in question and the exchange.

In an effort to encourage transparency and accountability, Binance has urged individuals possessing information regarding any illicit activities, including insider trading or corruption related to currency listings, to come forward and report such incidents. The exchange has pledged to offer rewards ranging from $100,000 to $5 million for verified reports, ensuring the anonymity of whistleblowers throughout the process.

Furthermore, Binance has reiterated its commitment to conducting thorough investigations into the allegations of misconduct surrounding the BOME insider trading case, while remaining open to feedback from its user community.

This development follows Binance's recent disclosure of its decision to list BOME, including specific spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, beginning March 16 at 12:30 UTC. Notably, the listing fee was waived as a demonstration of support for the meme token's inclusion on the platform.

In addition to spot trading pairs, Binance has introduced the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options of up to 50x. Following the listing announcement, BOME experienced a significant surge in value, with a 345% increase on March 16, reaching $0.02703, and a corresponding rise in trading volume by 262% to $3.8 billion. As a result, BOME emerged as the ninth most-traded cryptocurrency. Since its market debut on March 14, BOME has witnessed an extraordinary surge of over 39,000% from its all-time low.