On Monday, September 9, Binance CEO Changpeng Zhao announced the official launch of Binance Futures. To get an early idea of the market before launch, Binance unveiled its crypto futures testnet last week. The futures testnet was available for a period of five days and launched on two platforms Futures A and Futures B.
The two platforms were pitched against each other to see which one performs better. Binance’s own development team created the Futures A platform whereas Binance’s crypto derivatives platform JEX created the Futures B platform.
Finally, a week later the company CEO goes to announce its official launch.
– @Binance Futures officially launched, invitation-only for now
– Lending batch 3
– Top menu optimization
– API: real-time tick-by-tick updates for all symbols (an industry first?)
and maybe more. #onwards
— CZ Binance (@cz_binance) September 9, 2019
Testers Not Much Happy With the Binance Futures Platform
Although Binance has announced the final launch of the platform, a tester posted a review expressing dissatisfaction with the working of the platform. A Twitter user named doublejump tested both platforms and was unhappy with both of them. The user has shared his review in a series of tweets.
Currently @binance is running a testnet for two proposed futures exchange platforms. Futures platform A was seemingly developed in-house, platform B was developed by the recently acquired JEX exchange. I didn't really like either one. Some of my thoughts in this thread. 1/13
— doublejump (@2xjump) September 6, 2019
The user further explained that the Futures A platform is similar to the one offered by BitMEX. The platform includes features like “funding every 8 hours, insurance fund funded by liquidations, and auto-deleveraging in case of insufficient insurance funds.”
Another thing which has recently not gone well with Binance is that BitMEX caught the exchange for copying its Futures documentation.
Congrats on the Testnet Futures launches @binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it! pic.twitter.com/lLzcLcX6t4
— BitMEX (@BitMEXdotcom) September 4, 2019
However, the Twitter user has admitted that Binance’s futures platform is much better than BitMEX’s in terms of liquidation. In his final verdict, ‘doublejump’ called Futures A platform as “unusable” while Futures B platform is “not documented well”.
However, releasing the final data before the Monday launch, Binance provided a sneak peek into the user interest for its Futures.
Battle for #Binance Futures ended at 00:00 AM (UTC)
– Futures A 7,055 registrations
– Futures B 4,102 registrations
– 3,699 total votes
423M $BTC ( $4,300,000,000,000) Combined Volume
– Futures A 315M BTC
– Futures B 108M BTC
Official results & ranking announced tomorrow. pic.twitter.com/HsbUmeRLTB
— Binance (@binance) September 8, 2019
Well, Binance’s plans of launching its Cryptocurrency Futures trading platform are not new. Company CEO Chanpeng Zhao had already appraised about this two week back. It is just last week that Binance acquired the JEX exchange to expand its derivatives product offerings like futures, options, and perpetual contracts.
Binance’s Global Expansion
Binance is all set to expand its operation in the U.S. market by launching the Binance U.S. As the company explains in its blog post:
“Binance.US is a fast, compliant, and secure digital asset marketplace. As a local partner of the global Binance ecosystem, we bring the best-in-class technology, speed, and execution of Binance to everyday users in the United States”.
Binance has been also quite instrumental in the Asian crypto market and is a leading platform for crypto trading.
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