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Crypto exchange Binance recently announced the initiation of a detailed investigation into the claims concerning Book of Meme (BOME), a Solana-based meme coin.

This move came in response to allegations and community discussions about possible insider trading linked to the BOME rat warehouse incident. The exchange made an official statement on the X platform highlighting its commitment to market fairness and transparency and emphasizing the immediate start of an internal inquiry following these allegations.

The announcement from Binance indicated that the investigation was triggered by concerns over potential insider trading involving BOME. The goal was to assess any Binance personnels involvement in the matter. However, Binances preliminary investigation findings reported that the individual in question has no ties with the exchange.

Furthermore, Binance has called on individuals possessing information on any wrongdoing, including insider trading or corruption related to currency listings, to report such incidents. The exchange has committed to offering rewards between $100,000 and $5 million for confirmed reports while ensuring the anonymity of whistleblowers.

Additionally, the exchange has reiterated its commitment to conducting comprehensive investigations into the allegations of misconduct in the BOME insider trading case and has maintained an openness to feedback from its user community.

The development comes on the heels of Binance disclosing its decision to list BOME, including specific spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, starting March 16 at 12:30 UTC. Notably, the listing fee was set at 0 BNB as a demonstration of support for the meme tokens inclusion on the platform.

Binance has also introduced the USDS-M BOME Perpetual Contract on its Futures platform, with leverage options up to 50x. Following the listing announcement, BOMEs value surged by 345% on March 16 to reach $0.02703, with its trading volume increasing by 262% to $3.8 billion. This placed BOME ninth among the most-traded cryptocurrencies. Since its market introduction on March 14, BOME has seen an extraordinary rise of over 39,000% from its all-time low.

Original post:

Binance launches investigation into BOME insider trading allegations - crypto.news

Former Binance CEO Changpeng Zhao has taken to X (formerly Twitter) to announce a new mysterious project.

Zhao was quick to preemptively shut down any speculation about an upcoming token launch. "No, no new tokens," he stated.

The new project of the controversial Canadian entrepreneur appears to be related to education.

For now, Zhao has provided no further detail about his future endeavors, but he has promised to share more pertinent information "soon" in his post on X.

CZ's downfall

As reported by U.Today, Zhao agreed to step down as the CEO of the world's top exchange as part of Binance's settlement with the US Justice Department. This was the conclusion of a years-long money laundering probe, which reportedly started all the way back in 2018.

On top of shelling out $50 million, Zhao also agreed not to be involved with the exchange he founded in the future.

Binance agreed to pay more than $4 billion as part of the aforementioned settlement deal.

Richard Teng replaced Zhao, promising a fresh start for the embattled cryptocurrency giant.

A project from jail?

As reported by U.Today, Zhao could be facing up to 18 years behind bars due to violating money laundering laws. Moreover, he could face even harsher penalties.

Last month, the sentencing of the controversial Binance boss was delayed to April.

In November, Zhao was barred from leaving the US because of flight risk worries.

For now, he remains free in the US after forking out a $175 million release bond.

More:

Former Binance CEO CZ Teasing New Project - TradingView

Last updated: March 18, 2024 08:55 EDT | 2 min read

Binance has initiated an internal investigation in response to mounting concerns and community discussions regarding potential insider trading associated with Book of Meme (BOME), a meme coin built on the Solana blockchain.

On Monday, Binanceissued an official statementon the X platform, announcing the commencement of an internal inquiry into the matter.

Recently, we have noticed discussions in the community about the so-called Binance BOME rat warehouse incident, the exchange wrote.

We take this information very seriously and immediately launched an internal investigation based on relevant leads.

The primary objective is to determine whether any Binance personnel were involved in the alleged misconduct.

The exchange said that the preliminary findings of Binances internal investigation have revealed no connection between the individual in question and the exchange.

Binance also urged individuals with information about any wrongdoing, including insider trading or corruption related to currency listings, to come forward.

The exchange even pledged rewards ranging from $100,000 to $5 million for verified reports, ensuring the anonymity of whistleblowers.

If you have any reports involving currency listing and other corruption, or if we verify that Binance team members are corrupt, we will provide you with a reward of US$100,000 to US$5 million while keeping your identity confidential.

These developments follow Binances recent announcement of plans to list BOME on its platform, offering spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, effective from March 16 at 12:30 UTC.

On Friday, on-chain data firm Lookonchainwroteon X that a wallet withdrew 12,721 SOL worth around $2.3 million from Binance and bought 314 million BOME at $0.0074 before its listing, citingdatafrom Solscan.

Following the listing announcement, the value of BOME experienced a significant surge, reaching $0.02703, a 345% increase, and its trading volume rose by 262% to $3.8 billion.

Last year, a former Coinbase product manager wassentenced to two yearsin prison in a one-of-a-kind insider trading case.

Ishan Wahi, 32, of Seattle, Washington, was sentenced by U.S. District Judge Loretta A. Preska for providing Coinbases confidential information about upcoming crypto listings to his brother and his friend to then make profitable trades.

Wahi started working on Coinbases asset listings team around October 2020, which gave him access to information about which digital assets are planned to be listed on the platform.

Wahi then leaked this information to help his brother Nikhil Wahi and friend Sammer Ramani buy tokens just before they were listed on the platform, collectively generating realized and unrealized gains totaling at least approximately $1.5 million, the DOJsaid.

In another major insider trading case in crypto, Nathaniel Chastain, former Head of Product at OpenSea, wasarrested and chargedwith wire fraud and money laundering in connection with insider trading in NFTs.

Chastain was responsible for selecting NFTs that would be featured on OpenSeas homepage as part of his employment. Typically, the price of an NFT would drastically increase after it is featured on the homepage.

Being aware of this, according to the Justice Department, Chastain allegedly bought such NFTs and then dumped them shortly after they had been featured on the homepage for a substantial profit.

Original post:

Binance Launches Internal Investigation Following Reports of BOME Insider Trading - Cryptonews

Wintermute, a global algorithmic market maker, has withdrawn an astonishing 158 billion PEPE tokens from Binance.

This transaction, valued at approximately $1.19 million, signifies a remarkable shift in the meme coins liquidity.

Wintermutes recent transaction reflects its strategic positioning within the crypto market. Especially when understanding that the firm embodies high-frequency market-making in the industry. Its algorithms and business models, distinct from traditional OTC or dark pool market makers, aim to enhance market efficiency and liquidity.

The substantial withdrawal of PEPE tokens by Wintermute from Binance has triggered discussions among investors about how it may affect the meme coins market valuation. Indeed, Wintermute collaborates with more than 50 cryptocurrency exchanges. It usually withdraws assets from one exchange to trade on another to benefit.

For instance, on Binance, moving the price of PEPE by 2% requires an investment of $1.90 million. In contrast, on exchanges like Bybit, HTX, and Kraken, only $300,000 can achieve the same price movement. This tactic is a calculated maneuver used by market makers to generate profits.

Moreover, the Tom Demark (TD) Sequential indicator has flashed a sell signal on PEPEs three-day chart, hinting at potential profit-taking and a subsequent price correction. It suggests that PEPE could see a downturn to $0.00000629 or even $0.00000411.

Even crypto analyst Lark Davis recently talked about the potential of a market top in the meme coin sector.

Meme coin season is at its peak. Bloomberg recently shared a post about PEPE and WIF with its 5.1 million Instagram followers. Is that a top signal?, Davis said.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

However, the cryptocurrency market, known for its volatility, holds possibilities for reversal. A sustained three-day candlestick close above the setups risk line at $0.00001340 could negate the bearish outlook. It could catalyze an uptrend, pushing PEPE towards $0.00002144 or even $0.00003050 instead.

Read more: Pepe: A Comprehensive Guide to What It Is and How It Works

This recent development highlights Wintermutes role in shaping the liquidity and efficiency of cryptocurrency markets. Although the firm facilitates smoother market transactions, it can impact price movements and investor strategies.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

See more here:

How the Withdrawal of 158 Billion PEPE Tokens Will Affect Prices - BeInCrypto

Changpeng Zhao, the founder and former CEO of Binance, hinted at a new educational project on Monday.

Zhao, who stepped down from his role at Binance in November 2023 following a plea deal with the U.S. Department of Justice, shared on X that this project would focus on education without introducing new tokens. More details are expected to be announced soon.

In his departure from Binance, Zhao agreed to plead guilty to charges related to breaches of the Bank Secrecy Act and will pay a $50 million fine. The act mandates that businesses aid in preventing money laundering and other financial crimes.

Earlier in February, a federal court announced a new sentencing date for Changpeng Zhao. Originally scheduled for February 23, his sentencing on charges related to money laundering has now been moved to April 30. Under federal sentencing guidelines, Zhao could face up to 18 months in prison, although prosecutors have suggested a maximum sentence of 10 years.

Despite his exit from Binance, Zhaos fortune soared by almost $25 billion this year, even as his holdings in Bitcoin and Binances own coin, BNB, are not included in this valuation. His wealth, now estimated at over $37 billion, ranks him as the 35th richest person globally. This increase is primarily attributed to his controlling stake in Binance. However, this figure remains well below its peak of nearly $97 billion in early 2022. It also dropped from the year-to-date high of $50.4 billion eight months ago.

Binance, known for holding user assets in a 1:1 ratio along with additional reserves, has assets exceeding $100 billion. The exchanges proof-of-reserves (POR) system supports transparency for 31 digital assets, although critiques have been made about the lack of audited fiat reserves and detailed financial health information.

A blog post from Binance highlighted that the total value locked on its centralized exchange has soared from about $67 billion to $115 billion over the past. This comes in a landmark month for the broader crypto industry, with daily exchange volume, DeFi TVL, global crypto investment products AuM, and U.S. spot bitcoin ETFs trading volume all surpassing the $100 billion mark.

More:

Changpeng Zhao is back with new project post-Binance era - FinanceFeeds