Exchanges

BitMEX accuses Binance of plagiarising margin trading documentation

Derivatives exchange BitMEX has lashed out at Binance after it was discovered that the Maltese exchange had seemingly plagiarised its margin trading documentation page.

It comes after the launch of Binance’s new futures product that allows customers to trade underlying crypto assets with leverage.

A glimpse at Binance’s “Overview on auto deleveraging (ADL)” and “Funding rate” pages show glaring similarities to the versions posted by BitMEX upon its launch years ago. This prompted BitMEX to respond over Twitter.

BitMEX’s tongue-in-cheek comment read: “Congrats on the Testnet Futures launches Binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it!”

Binance CEO Changpeng ‘CZ’ Zhao soon replied with an apology.

CZ wrote: “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: binanceapitest.github.io/Binance-Future for your review.”

Binance announced its 20x leverage trading platform in July at a presentation at the Asia Blockchain Summit in Taipei, which was intriguingly also attended by BitMEX CEO Arthur Hayes.

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Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.