Binance Moves To Corner Crypto Derivatives MarketAuthor: Ali RazaLast Updated: 03 September 2019 Competition among the leading crypto exchanges has intensified over the last few months as these firms seek to become the leaders in the industry.The derivatives market is one of the fastest-growing in the crypto industry, and exchanges are scrambling to get to the top of the list.Binance, one of the leading cryptocurrency exchanges in the world, has acquired JEX, a crypto derivatives trading platform.The acquisition of JEX has come at a time when Binance is running tests for two Bitcoin futures on its trading platform.JEX is a little known derivatives trading platform that may prove to be highly valuable for Binance in its quest to become the leading crypto derivatives trade exchange.Binance is on an active mission to corner the derivatives market and become more prominent than its direct competitors such as Deribit and BitMEX.JEX will be renamed to Binance JEX, and it’s core business will be to deliver derivatives products to Binance’s clients. A variety of other trading options will be made available on the platform including perpetual contracts and options.Perpetual futures will be available based on BTC/USD pairings and traders will have up to 20 times leverage.Getting Ahead Of The CompetitionAs far as derivatives go, Binance is behind some of its competitors, and they are looking to make significant gains and get ahead of the competition.The Chicago Mercantile Exchange, Deribit and BitMEX are some of the exchange’s that are leaders in crypto options trading, and Binance will be looking to generate enough trading volumes to tip the scales in its favor.Bakkt is launching a platform for the physical settlement of Bitcoin futures. These futures are expected to transform the inflow of liquidity into the Bitcoin futures space.This will create intense competition for Bitcoin futures and make them a more attractive option for crypto traders around the world.Bitcoin Futures’ DevelopmentThe crypto exchange platform is simultaneously developing two platforms for Bitcoin futures.The two platforms are currently named Futures A and Futures B, and Binance’s customers will be allowed to vote for their favorite between the two systems.The exchange platform has placed a prize of 10,000 BNB to encourage its users to participate in the voting. A user can place their winnings in their Binance Coin wallet and use them for future crypto trades.Binance will run their competition from the 3rd of September and it will run for five days until the 8th. The 10,000 BNB will be provided to all the participants in the testing of the two platforms.Users will be ranked according to their trading volume and these users will be required to hold onto their allocated funds until the end of the voting.Traders who are involved in the platform of the winning future will have a 50% discount on trading fees and on trading fees when the Binance Futures Platform launches.The availability of such a discount will encourage these traders to buy Binance Coin. The discount will be applicable for a full month.