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.
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://t.co/TPjvYgB2hr for your review.
— CZ Binance (@cz_binance) September 4, 2019
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.
Binance is the Tron of crypto exchanges.https://t.co/fdNTLFtNCl
— WhalePanda (@WhalePanda) September 4, 2019
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.
What do you think about the apparent plagiarism from Binance? Share your opinion in the comments below!
Image courtesy of Twitter, TradingView.