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Binance Buys Crypto Derivatives Trading Platform JEX

Binance has acquired crypto-asset trading platform JEX, a specialist in spot and derivatives trading services which will focus on further building the cryptoasset derivatives market, in order to offer Binance users with professional services including futures contracts, options and other derivative products.

JEX will join the Binance ecosystem as Binance will manage the JEX team and the JEX tokens run by its Foundation, which will be gradually distributed to all users via marketing activities and community incentives. Binance plans to then gradually retrieve and burn JEX tokens in various forms including trading commission deductions and so on.

“We welcome the JEX team and more partners to join the Binance ecosystem. We look forward to delivering more innovative derivative products in the future with Binance JEX”, said the official statement.

JEX, which is based in Seychelles, will be rebranded as Binance JEX. Binance has decided to allow its clients to trade on both the JEX platform as well as a recently developed proprietary platform. In order to promote beta testing, the  world’s largest cryptocurrency exchange has announced a chance to win up to 10,000 BNB tokens.

Binance has recently managed to recruit Catherine Coley, a senior executive from Ripple who was serving as head of the firm’s institutional liquidity. Coley joined Binance’s newly opened US arm as its Chief Executive Officer. The US operation targets American traders.

Changpeng Zhao, Binance CEO and founder, has filed a lawsuit against American venture capital firm Sequoia Capital claiming monetary compensation on the grounds of reputation damage. This seems to be a relation against a lawsuit filed by Sequoia Capital who claimed that Mr. Zhao violated a contract with them. Sequoia’s allegations were dismissed by the Hong Kong International Arbitration Centre last December.
Earlier this year, Binance partnered with leading payment processing company Simplex to allow users to buy cryptocurrencies with their credit cards directly on its official domain. The new feature of accepting credit card payments for crypto is another step to support broader use and accessibility of cryptocurrency worldwide.
Binance, which is the world’s largest cryptocurrency exchange by trading volume, has launched two fiat-to-crypto exchanges in the past four months, and Binance Ugandan Shillings. The company’s matching engine is capable of sustaining 1.4 million orders per second, as well as 20 million simultaneous users on the platform.In November 2018, the operator opened deposits for the USDC stablecoin and trading for USDC/BTC and USDC/BNC. The stablecoin was launched by the CENTRE Consortium, which includes competitor Coinbase.