Binance, one of the world’s leading cryptocurrency exchanges, recently announced its futures platform. Labeled Futures A and Futures B, the new crypto platforms are now open for users to experiment with dummy assets, with innovative competitions to encourage traders to get involved.
However, BitMEX, one of the prominent platforms that are spearheading futures for cryptocurrencies, stressed that Binance had plagiarized procedures from them.
Arthur Hayes, the CEO at BitMEX, was quick to call out the CEO at Binance, saying via Twitter that they can do better than that. In fact, the description of BitMEX’s website shows that the information in Binance’s newly published statement is word-for-word with a few short exceptions.
This prompted Changpeng “CZ” Zhao, CEO of Binance, to tweet about the matter on 3rd September 2019, and apologize to BitMEX for the incident. He said that his team missed it in the “DD process” prior to the acquisition and that they haven’t read the BitMEX documents on their own.
His swift apology read:
“Shame on us. Sorry about that. Missed this in the DD process before the acquisition (didn’t read the BitMex docs ourselves). Will fix/remove ASAP.”
The Battle for Binance Futures
On 1st September, Binance launched the ‘Battle for Binance Futures,’ introducing two futures testnet platforms. A short while after, the exchange also acquired a crypto-asset derivatives platform so as to formulate a joint project with JEX, an exchange based in Seychelles.
The move will allow Binance to venture into the field of cryptocurrency futures, options, and other derivatives.
Binance is Breaking into the Futures Market
In the next few weeks, Binance plans to let its users trade on JEX platform as well as the Futures A and B, to determine which one is superior.
Participating users testing the new platforms can vote for their favorite for a chance to win up to 10,000 BNB tokens. Following the beta testing period, Binance will pick a winning platform based on client feedback.
Amidst all this progress, it seems that Binance lost its creative edge and produced a separate page to explain how Auto Deleveraging (ADL) works.
However, it’s fascinating to see that the entire page is copy-pasted from Binance’s direct competitor in the field of crypto derivatives, BitMEX.