Will CZ Be Able to Laugh it Off?
Binance has been a leading exchange since its launch. They have managed to launch many revolutionary products and functions to users delight. This includes SAFU, the insurance fund for hacks, Binance's DEX, and margin trading platform.
Just two days ago Binance released 2 testnet platforms for its digital asset futures products. They offered users to vote on which platform they prefer and even offered a 50% cut on trading fees to attract testers. In addition to that, there is also a reward program for testnet participants. Binance will give out 10,000 BNB coins to testnet winners. This amounts to the equivalent of roughly $220,000 for the lucky winners.
There was just one problem. Its documentation was blatantly plagiarized from rival exchange, BitMex.
BitMex Binance Twitter Drama
Earlier today BitMex revealed the plagiarism on Twitter with a bit of humor.
Binance CEO, Changpeng "CZ" Zhao, was quick to respond as ever and quickly tweeted a response. CZ of course responded with a bit of humor himself and admitted wrong doing & promised to fix/change the documentation. It appears that this put any Twitter "beef" between Binance & BitMex to rest.
This is not the first-time accusation of plagiarism occurred in the world of cryptocurrencies. Justin Sun's TRON was accused of copying portions of its whitepaper from filecoin. Other incidents include Localcoin's whitepaper which appears to be copy pasted from other projects and the ICO ALZA. Even Facebook's Libra was accused of copying its logo from a company called Current. The Wall Street Journal concluded in the past that 16% of all ICO's contain plagiarized content in their whitepaper.
While this is red flag material in most cases, it is doubtful that it will have any standing effect on Binance. This is due to CZ's social media presence, quick response and Binance's usually stellar reputation.
The big question is: What does BitMex CEO Arthur Hayes think about the fiasco?
Credit to Twitter's @CryptoScamHub for the amazing meme.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado