On Sept. 10, a Reddit user published their findings on Binance’s futures markets performance. Over the past 24 hours of trading, the figures reached notable volumes in the Bitcoin (BTC)/USDT pairing, bringing the daily trading volume to over $151 million in USDT.
Closed testing mode
Binance initially launched two futures testnet platforms named Futures A and Futures B on Sept. 2, inviting users to participate in a 10,000 Binance Coin (BNB) trading competition. During the competition, Binance said it would provide all participants with 100,000 USDT tokens in simulated funds on both Binance futures platforms, for testing purposes only.
Following the platform’s launch, the team at Seychelles-registered crypto exchange BitMEX accused Binance of plagiarizing BitMEX documents as part of its futures testnet launch. BitMEX’ post included screenshots of Binance’s overview of the Auto Deleveraging system for its new futures contracts, in which the text is practically identical to that of BitMEX.
Binance comes in for criticism
Subsequently, on Sept. 6, Binance took some heat as the Twitter account known as doublejump said both the options currently under consideration by Binance lacked essential features. The account summarized:
“Platform A is unusable because of its contract size granularity, but does have a nice interface and decent specifications otherwise. Platform B is not documented well and has an unwieldy leverage system.”
In response, a Binance spokesperson told CryptoX that “minimum contract size granularity is actually 0.001, @doublejump […] accidentally thought it was 1 BTC,” and added:
“Need to correct this point. Platform A does allow transactions below 1 BTC (in lots of 0.001 BTC) but the web UI has some major input validation issues, probably causing issues with my European localized system which does not use a period to separate decimals.”
Per the exchange’s recent announcement, Binance’s United States branch Binance.US is expected to launch in coming weeks.