Following the largest crypto exchange platform by trade volume Binance’s decision to enable cryptocurrency futures trading on its platform, Bitmex responded by posting a tongue in cheek tweet directed to Binance. Bitmex congratulated the number one crypto exchange platform for its decision to launch its Testnet Futures, publicizing the official Binance documents that are a plagiarized version of their material.
Crypto followers on Twitter responded to the allegation with some fascinating copy-paste tweets directed to taunt Binance coin. Sarcastically, Bitmex posted that they were happy to know that Binance enjoyed going through their documents as much as they had enjoyed writing them. BitMex exchange uniquely tweeted their frustration,
“Congratulations are in order on the Testnet Futures launch by Binance crypto exchange platform. After it has come to our attention that Binance plagiarized our documentation, we are happy to know that they enjoyed going through our documentation as much as we enjoyed compiling it.”
According to the allegations leveled against the leading crypto exchange, Binance Testnet Futures document copied every word from Bitmex document. From the general view of Auto Deleveraging (ADL) to Funding rate calculation, the evidence is clear that Binance shamefully stole BitMex intellectual resources.
Mocking Tweets Directed Towards Binance Crypto Exchange
Without wasting any time, crypto followers went berserk tweeting all manner of memes and funny comments leading to a storm of mocking tweets. A section of crypto community members even alleged that China was the undisputed king of the copy-paste industry that is killing innovation and returns at a vast scale.
China business model is to copy western creativity and provide it cheapter with huge marketing
— Crypto Otaku (@wonderbitcoin) September 4, 2019
Binance CEO, CZ Comes Out and Apologizes
About the recent market revelation, Binance CEO, CZ has come out to apologize for what he terms as a mistake that passed their attention. Taking to his Twitter page, CZ apologized saying Binance missed the mark and did not read the documents promising the removal of the documents soon. Also, the CEO posted the original link for the official Binance document of Futures A Platform to be scrutinized by BitMex.
CZ Binance said,
“Shame on us. We should have known better. We apologize for that. We must have missed that during the DD process before the acquisition. We honestly did not read the BitMex documents for sure. We will fix and remove the document ASAP”
“Also, the official documents of Futures A platform that was compiled internally can be found here: binanceapitest.github.io/Binance-future for your viewing.”
Following the incident, a Twitter user by the name Beyond Crypto with username @CryptoK35931496 took the entire story spiritedly and responded that the crypto and blockchain industry is based on public sharing and that is what the industry is about:
“@cz_binance @BitMEXdotcom and @binance It is no big deal. The crypto and blockchain industry is founded upon the merits of public sharing and transparency”
Despite the noble efforts to explain the reason for the mistake by the CEO, Binance action of plagiarizing BitMex document does not do the crypto exchange any good. As a leading crypto exchange in the market, it is somewhat questionable why it has to allow itself to copy procedures of another crypto exchange platform without adjusting them to meet their specifications.
What the Cryptocurrency Futures Trading Mean for Binance
During Tuesday’s session of Asia Blockchain Summit in Taipei, Binance founder and CEO, Changpeng Zhao, took to the platform to announce its decision to support cryptocurrency futures trading. During the presentation, Zhao explained a futures trading interface on the Binance platform that has features that include longs and shorts on virtual assets.
“As a market leader in the industry, Binance is preparing to launch its futures platform very soon. In regards to when it will be ready for launching, we will communicate to the world on a later day, but the simulation test version will be ready for circulation in a few weeks.”
The Binance Futures Trading platform is scheduled to enable the exchange to offer futures contracts, a move that will position it way ahead of its competitors.
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