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Binance CEO Admits Leading Crypto Exchange Plagiarized BitMEX Derivatives Documentation

September 04, 2019

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.

Congrats on the Testnet Futures launches @binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it! pic.twitter.com/lLzcLcX6t4

— BitMEX (@BitMEX) September 4, 2019

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.”

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,

“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.”

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