Binance Buy-Out Crypto Derivatives & Futures Exchange - Take Over on the Table?

I wouldn’t be surprised if you hadn’t heard of the JEX crypto platform as it is a relatively small crypto derivatives network. Well, you may start hearing more about the platform as it was recently acquired by Binance, which is currently publicly testing two bitcoin futures platforms. This move is apart of Binance’s push to capture the crypto derivatives market and take over its rivals such as BitMEX and Deribit.

The biggest crypto exchange in the world has revealed that its team is currently working hard on two futures platforms dubbed “Futures A” and “Futures B,” to give its customers the chance to vote for their favourite one. So in order to give users an incentive to get involved with the vote, the US exchange is going to be hosting a trading competition which would grant winners more than $215k worth of BNB token.

As Binance has said, “The Futures Are in Your Hands!”

As reported by CryptoSlate:

“The simulated trading competition will begin on Sept. 3 and will last for five days until Sept. 8 at 00:00 AM UTC. All participants will be provided with 100,000 USDT for testing purposes on both trading platforms. The competitors will be ranked in accordance with their trading volume and will be required to maintain at least the originally allocated funds by the end of the tournament in order to be eligible for the prizes.”

On top of this, the ones who end up voting for the winning platform will be granted a trading fee discount of half-price for a full month.

Just a few hours after the announcement, the exchange announced that it had acquired the JEX platform offering spot and derivatives trading services. As well as just buying the exchange out, it will be renamed to Binance JEX which will focus on delivering Binance customers with derivatives products.

The co-founder of Binance Yi He has said:

“JEX has a seasoned developer team with proven experience in crypto asset product development. [They have] developed solid derivatives product offerings, which are aligned with Binance’s product roadmaps in the crypto asset derivatives market.” 

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!