Binance Caught Up In Another Plagiarism Scandal With BitMex

Two of the leading cryptocurrency exchanges have long been engaged in a battle involving accusations of plagiarism.

There have been accusations of copying the other’s innovations and developments between BitMex and Binance. The battle between the two crypto exchanges appears to have no end in sight as another plagiarism saga has surfaced.

Changpeng Zhao, Binance’s CEO, tweeted that his firm’s recently launched futures platform was under attack from a market maker.

Zhao said that none of the participants on the future’s platform were liquidated because the platform uses the index price instead of futures prices for liquidations. The tweet implied that this innovation is unique to Binance and that the firm is responsible for its creation.

Zhao’s utterances attracted several comments, many of which pointed out that the using index prices, instead of futures prices, is by no means an invention of Binance.

Some Twitter users pointed out that BitMex has used index prices for its liquidations for a long time, and hence, Zhao cannot claim that Binance came up with this method.

Arthur Hayes, CEO of BitMex, came out and added his thoughts on the matter, saying that Binance should offer him 51% of its equity, and he will teach them how to copy and paste ideas.

Next time I’m down in Singapore @cz_binance please attend my running a crypto derivatives platform 101. I teach advanced cntl+C cntl+V methods. Price of entry … 51% of your equity. https://t.co/RYGkf4aJih

— Arthur Hayes (@CryptoHayes) September 16, 2019

After Hayes’ tweet, Zhao came out and said that his tweet may have been misleading, but he did not mean that the innovation was Binance’s.

Zhao may have backtracked on his statement, but the spat between the two companies’ CEO is an indication of the continued existence of animosity between the two firms.

BitMex’s official Twitter account tweeted that it is great to see traders on other exchange benefits from their innovations, more evidence that the hatchet has not been buried.

Plagiarism of website content

Earlier this month, Binance announced that they would be launching two futures testnet platforms.

The announcement of these platforms was accompanied by the acquisition of a crypto derivatives platform, intentions to launch crypto futures and the publishing of an overview on auto deleveraging.

It turned out that the content published on Binance’s website had been plagiarized from a portion of BitMex’s site addressing the same matter. Zhao came out and apologized for the copying of BitMex’s content and blamed it on his team’s lack of due diligence.

The point still remains that there is a lot of plagiarism and copying of ideas going on between the two exchanges, and we probably haven’t seen the end of it.