Get the scoop on finance - sign up for mobile alerts
Trading
| On
September 4, 2019

Binance CEO Admits Leading Crypto Exchange Plagiarized BitMEX Derivatives Documentation

By Daily Hodl Staff

The Bitcoin Mercantile Exchange (BitMEX), the world’s largest cryptocurrency derivatives trading platform, says the world’s leading crypto spot exchange, Binance, has plagiarized its official documentation on futures contracts.

ADVERTISEMENT

Binance’s “Overview of Auto Deleveraging (ADL)” appears to be an exact copy of BitMEX’s documents, with the exception of the removal of some context. 

BitMEX

“The price at which a trader’s positions are closed out is the bankruptcy price of the initial liquidated order.

At all times, your position in the queue is shown by an indicator. This indicator represents your priority in the queue in 20% increments.”

ADVERTISEMENT

Binance

“The price at which a trader’s positions are closed out is the bankruptcy price of the initial liquidated order.

At all times, your position in the queue is shown by an indicator. This indicator represents your priority in the queue in 20% increments.”

To expand into the crypto futures market, Binance, an industry leader with several blockchain initiatives and multiple exchanges worldwide, recently acquired JEX, a derivatives platform.

Responding to BitMEX’s reveal, Binance CEO Changpeng Zhao says,

ADVERTISEMENT

“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_ad id="42537"] [the_ad id="42536"]
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.