Photo Credit To VIP Crypto Signals Via Flickr
As Binance announced the launch of two crypto derivative platforms, competitor BitMEX is eyeing on what’s going behind the scene.
BiMEX Blames Binance
On Sep.3, BitMEX officially took to Twitter and blames Binance for copying the “Auto-deleveraging mechanism” from BitMEX’s Auto Deleveraging section. It says “Congrats on the Testnet Futures launch and taunts, Glad to see you enjoyed reading our documentation as much as we enjoyed writing it!”.
Binance has been actively working in burgeoning crypto industry to enhance its ecosystem by introducing new features, expansion, and other advanced mechanisms. The exchange has gained enormous trust and millions crypto users across the world. However, Binance’ s entry into crypto derivatives is relatively new, on the contrary, BitMEX is one of the leading cryptocurrency derivative platforms. If Binance’s upcoming derivative platforms become successful, it might be a direct threat to BitMEX.
Binance CEO Apologizes
However, Binance’s Testnet Futures documents clearly revealing the exchange has plagiarized the documentation from BitMEX. In fact, the entire page is pretty much copy-pasted from BitMEX. Shortly after the BitMEX’s taunt targeting Binance’s official Twitter account, BitMEX’s CEO Arthur Hayes took to Twitter and call out Changpeng Zhao, the CEO at Binance, saying” y’all can do better than that”.
Zhao who is often known for his transparent behavior in the crypto community quickly admitted the mistake and apologized. He said they missed this in the “DD process” before the acquisition. He further assured that they haven’t read the BitMEX documents on their own and promised to fix it soon. To note, Binance recently acquired JEX derivative platforms (which is referred to as Futures B) and another Futures platform being built by Binance team itself is referred to as Futures A. Subsequently, CZ shared a link of Futures A platform for BitMEX for review;
To note, Binance bought JEX derivatives exchange very recently and kept it open for testnet along with Binnace’s own futures platform. According to CZ’s tweet, the mistake of plagiarism existed before the acquisition which neither CZ nor his team reviewed BitMEX page themselves to fix the issue prior.