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!”. 

https://twitter.com/BitMEXdotcom/status/1169120530554900482


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”.

https://twitter.com/CryptoHayes/status/1169121781149569024

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; 

https://twitter.com/cz_binance/status/1169134771122970624

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. 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

Coinbase UK quietly settles undisclosed $1.4 Million Bitcoin Theft Case

Photo Credit To Hodler XL Via Flickr The UK arm of the major…

Ripple Competitor XinFin Recruits Ex SWIFT Veteran, André Casterman

Ripple competitor XinFin recently landed an ex SWIFT veteran to join their…

Blockchain Explained: Some of the Most Common Misconceptions Right Now

The blockchain is about a decade old. Since its introduction, it has had…
Blockchain Coffee

How Coffee Lovers Are Using Blockchain In Supply Chain

In a world where more consumers are taking a social-impact approach to…

Longenesis: Working With Bitfury Decentralized Applications and Using Blockchain For Healthcare.

Longenesis, a Hong Kong-incorporated firm has announced that it will begin to…

Notable Researcher Argues Bitcoin Governance Is Quite Centralized

According to a recent paper published by Primavera De Filippi, a researcher working at…

EOS Costa Rica Leverages Blockchain to Tackle a Global Blood Supply Shortage Amid the COVID-19 Pandemic

SAN JOSE – EOS Costa Rica is leveraging EOS.IO, an open-source blockchain protocol, to…

Jeju Island In South Korea Will Use A Blockchain Based Mobile App For COVID19 Contact Tracing

According to an August 19, 2020 announcement by ICONLOOP, Jeju Island in South Korea…
stablecoins

Why Stablecoins Are Booming During the COVID-19 Pandemic

The global economy is facing an unprecedented meltdown. No part of the…
ShowPay Raises $1.5M To Focus On BSV Decentralized ID Systems

ShowPay Raises $1.5M To Focus On BSV Decentralized ID Systems

ShowPay, a blockchain company focusing on BSV, recently announced a $1.5 million…