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BitMEX Accuses Binance of Plagiarism, Changpeng Zhao Posts His Response

  • Yuri Molchan
    📰 News

    After Binance kicked off two of its platforms for crypto futures, BitMEX accused Binance of plagiarizing their ADL system page and CZ puts up his response

BitMEX Accuses Binance of Plagiarism, Changpeng Zhao Posts His Response
Cover image via www.forbes.com
Contents

A couple of days ago, Binance purchased the JEX platform that works in the field of trading crypto derivatives. After that, Binance spread the word about its plans to step into the sphere of trading crypto-based futures, options and other kind of similar products.

As part of the ‘Battle for Binance Futures’ a voting for two futures platforms was launched on a testnet.

However, today, on September 4, the BitMEX exchange pointed out in Twitter that Binance has simply copy-pasted the description of the deleveraging mechanism from the BitMEX page that was launched earlier than that of Binance.

Binance accused of unfair conduct

Two days ago, Binance launched the ‘Battle for Binance Futures’ and introduced the testnets for two platforms working with futures trading. While doing that, Binance also set up a page to explain to traders the mechanism of Auto Deleveraging (ADL) operations in details.

However, this page made by Binance is almost word-for-word the same as the ADL page by BitMEX that was launched earliest of the two.

Earlier today, the BitMEX exchange wrote on Twitter that Binance enjoyed reading their documentation as much as BitMEX enjoyed writing it, basically accusing the world’s flagship crypto exchange of plagiarizing their ADL page.

Changpeng Zhao was quick to respond

CZ’s is always known to respond quickly on Twitter and so he did this time. The head of Binance apologized. Although, he stated that his team missed the similarity of the pages in ‘the DD process’ before they did the acquisition.

CZ assured that neither he or his team had read the BitMEX page themselves and promised to remove or fix the Binance ADL page as soon as possible.

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The community’s reaction

Many in the community expressed their disappointment in the move by Binance, saying that they did not expect this from the platform.

Only one user pointed out that CZ mentioned the ‘DD process’ and the acquisition assuming that the mistake was made not by Binance but by a company they had acquired for working in the derivatives market.

Some expressed their respect to CZ for honestly admitting the fact of the mistake.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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