Binance Offers Up to $5 Million for Insider Trading Reports
Key Takeaways
- Binance announced a reward scheme ranging from $100,000 to $5 million for reporting insider trading or corruption.
- This plan follows community suspicions of insider trading related to the listing of Memecoin BOME, which has seen significant price increases since listing.
- Binance reinforces its commitment to ethical trading.
Binance, the world-famous cryptocurrency exchange, has announced a significant rewards program. Offering between $100,000 and $5 million for information regarding insider trading or corruption. On the platform.
presentation It follows the cryptocurrency exchange’s decision to list Solana-based meme coin BOME (Book of Meme). The coin was introduced with trading pairs including Bitcoin (BTC), Tether (USDT), First Digital USD (FDUSD), and Turkish Lira (TRY).
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Suspicions arose shortly before Binance’s listing of BOME. Acquire Cryptowhale 314 million BOME tokens It sells for $2.3 million on the Raydium decentralized exchange, at an average price of $0.0074 per token.
The purchase was valued at $8 million. After the token was listed on Binance, its price soared to $0.026.
The community was quick to flag this transaction as potentially suspicious. It sparked debate over whether this was a case of insider knowledge or simple luck.
Binance investigated insider trading claims According to a statement released by, establish There is no connection between the trader in question and any cryptocurrency exchange.
In an effort to maintain a fair and transparent trading environment, Binance has proposed the following: Generous rewards for individuals who provide reliable reports It’s about insider trading or corruption.
Binance’s customer support team stated:
Transparency is a top priority for Binance and our investigation team will continue to thoroughly investigate the incident.
This initiative not only highlights the proactive stance of cryptocurrency exchanges to combat market manipulation, but also their role as stewards of ethical trading practices in the cryptocurrency space.
In other news related to the cryptocurrency exchange, Binance Labs spun off from Binance and established itself as an independent venture capital fund with a portfolio of over $10 billion.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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