In response to accusations of insider trading, Binance has initiated an investigation into the circumstances surrounding the listing of the Solana meme coin Book Of Meme (BOME). The controversy arose when Pepe Meme artist Darkfarms introduced BOME on March 14th, kickstarting the token's presale by sharing a Solana address on Twitter to gather SOL funds for liquidity. Within a short span, BOME surged from zero to a peak market value exceeding $2 billion, now valued at $700 million, leading to its listing on Binance.

Prior to the coin's listing, a significant purchase of 314 million BOME tokens for $2.3 million was made by a whale on the Raydium decentralized exchange (DEX) on March 15, at an average price of $0.0074 per token. Subsequently, post-listing, the token's value surged to $0.026, amplifying the value of the purchased tokens to around $5 million, sparking suspicions of insider trading within the community. Binance swiftly responded by launching an internal probe into the alleged insider trading linked to BOME's listing on their platform.

In a bid to address community concerns, Binance assured its commitment to a thorough investigation, revealing initial findings that the individual implicated in the allegations has no ties to the exchange. Expressing gratitude for the community's vigilance, Binance underscored the significance of transparency and fairness, pledging to delve deeper into the matter to uncover the truth behind the accusations. To incentivize reporting of any instances of currency quotation corruption or insider misconduct involving Binance team members, the exchange announced financial rewards ranging from $100,000 to $5 million, ensuring whistleblower anonymity.

CoinGecko data reveals that the BOME token currently trades at $0.01114, marking a notable 51% decline from its listing price and all-time high (ATH) of $0.02689, with a 35% decrease in trading volume. In contrast, OKX, the second-largest offshore exchange, has refrained from listing recent Solana meme coins. OKX's founder, StarXu, addressed speculations by emphasizing the exchange's focus on identifying valuable utility tokens for customers at an early stage through thorough research and independent listing decisions by the Listing Committee.

StarXu dismissed the notion that promoting tokens to OKX team members on Twitter influences the listing process, urging against such activities and asserting that they hold no sway over token selection for OKX's exchange.