Altcoin News: Bitmex Accused Binance of Plagiarizing

September 4, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A message appeared on Twitter of the BitMEX derivatives exchange, in which the Binance exchange is accused of copying part of the documentation related to the futures trading service.

“ Congrats on the Testnet Futures launches Binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it!, ”the tweet says.

In particular, we are talking about the description of the auto-de-licensing option and the financing rate, which has a 100 percent match with the corresponding BitMEX documents.

Binance CEO Changpeng Zhao immediately commented on the allegations.

“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 official docs of Futures A platform (developed internally) are here: https://binanceapitest.github.io/Binance-Futures-Documentation/… for your review.” he wrote in the comments on the BitMEX tweet.

Based on the words of Zhao, we can conclude that the description of the instruments, which is located on BitMEX, appeared on the new Binance site as a result of the acquisition of the JEX derivatives platform. CZ also added that Binance has prepared its documentation for the futures exchange, which is being developed from scratch.

On Monday, the company announced the start of testing two platforms for trading futures contracts, and also opened a vote among its users for the platform, which in the future will become the official division of Binance under the Binance Futures brand. Voting will last until September 8th. Users who choose a winner will receive a 50% discount on commission costs for 1 month.

Some participants in the discussion under the BitMEX post noted that during the development of its platform, it could also be inspired by the ideas of competitors. We are talking about the tools of the OKCoin exchange, which were created even before the founding of Binance when Zhao was the technical director of the Chinese exchange.

Author: Marko Vidrih