The leading cryptocurrency derivatives platform BitMEX made the effort to congratulate Binance on launching its Testnet Futures while pointing out that the competitor plagiarized its documentation.
Binance is holding the number one position as a cryptocurrency exchange but has ventured into the derivative space only recently. With the introduction of margin trading and upcoming futures contracts, Binance should become one of the main competitors of BitMEX.
Considering the size of the business and the potential rivalry, plagiarizing looks like a major slip-up from the exchange. Binance Testnet Futures documents are word-for-word copied from BitMEX from the overview of Auto Deleveraging (ADL) to Funding rate calculation.
Shortly after, CEO Changpeng Zhao issued an apology while explaining that the documentation was ported from an acquired third-party platform without going through a due diligence process.
https://twitter.com/cz_binance/status/1169134771122970624
Even if it was an honest mistake, the cryptocurrency community on twitter has had its say as well.
While BitMEX commented that it is glad to see Binance enjoyed reading their documents as much as they enjoyed writing it, others have drawn parallels to TRON — an altcoin project that was notoriously accused of plagiarizing its whitepaper.
A mistake like this should be considered a black mark on Binance’s reputation. Meanwhile, the price of Binance Coin (BNB) continues to steadily decline.Binance is the Tron of crypto exchanges.https://t.co/fdNTLFtNCl
— WhalePanda (@WhalePanda) September 4, 2019
What do you think about the apparent plagiarism from Binance? Share your opinion in the comments below!
Image courtesy of Twitter, TradingView.
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Christian Gundiuc
After finishing his studies in International Business Administration at the Frankfurt School of Finance & Management, Christian started working at a real estate development company. Upon discovering Bitcoin and the cryptocurrency space, he switched his focus to learn, analyze and write about all things digital.
After finishing his studies in International Business Administration at the Frankfurt School of Finance & Management, Christian started working at a real estate development company. Upon discovering Bitcoin and the cryptocurrency space, he switched his focus to learn, analyze and write about all things digital.
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