Binance Accused of Copying BitMEX documents!!!

Today, we are going to talk about six very interesting pieces of news.

First up, it looks like Gemini, the cryptocurrency exchange, has just recruited the former executive of Morgan Stanley to work as its chief compliance officer. Next up, Ron Hammond, the congressional assistant, is now the Government Relations Manager for Ripple. (Lots of interesting new recruits here guys.) Third up, in a speech at the Economic and Monetary Affairs Committee of the European Parliament, IMF Chief Christine Lagarde believes that banks should be more open to innovations such as cryptocurrencies. Moving on, an official of the Marshall Islands has just released a deep analysis regarding their national cryptocurrency project. In addition to this, it is reported that the BitMEX team accused Binance of plagiarizing their official future platform documents. And the last news piece guys, Steemit, a blogging and social networking website has announced their comeback after suffering from a bug in the curations reward curve.


The Market Today

It looks like the market is a little bearish today. Bitcoin is slightly increasing by 0.03% over the past 24 hours. Meanwhile, Ethereum and XRP are decreasing by 2.04% and 1.34% respectively.


Gemini hired former Morgan Stanley executive

According to Cointelegraph, the former executive at financial services giant Morgan Stanley, Noah Perlman, has just been hired by the Winklevoss brothers’ cryptocurrency exchange Gemini, as their new chief compliance officer. For those who are not aware, Perlman has devoted 13 years at Morgan Stanley as global head of financial crimes and global head of special investigations. For his new position, some of his main responsibilities involved

“firm-wide, legal and compliance responsibility for the governance, oversight, and execution of the firm’s anti-money laundering, sanctions, anti-boycott, anti-corruption, and government and political activities programs.” 


It looks like the Winklevoss Twins are keen to build out their presence, especially when it comes to hiring new recruits. In mid-August, so just last month, Gemini also made a new hire, taking David Damatao as its new chief security officer. Damato previously created and led a cybersecurity team at security services firm Tanium.


Ripple hires congressional assistant as Government Relations Manager

Looks like there’s been another successful head-hunt, but this time it’s from Ripple. Ron Hammond, the congressional assistant took to twitter to confirm to the Ripple and XRP community that he will now serve as the new manager of Government relations for Ripple. The news was officially posted by the XRP Daily:

“Ripple works with more than 50 governments around the world and now somebody from the U.S. Government is managing the government relations at Ripple, which is awesome. Glad to see Ron Hammond join the team and help build the internet of value.”


A bit of background on Hammond. It looks like Hammon was previously a member of the team that crafted the Token Taxonomy Act, a bill that would exclude cryptocurrencies from being classified as securities. Furthermore, he also has experience providing businesses and regulators in the U.S. blockchain industry with the introduction of regulatory certainty. Hopefully, with his expertise and special know-how, he can contribute to Ripple, especially when it comes to regulatory affairs.


Christine Lagarde: banks and regulators should be open to crypto

At the Economic and Monetary Affairs Committee of the European Parliament, the Chairman of the International Monetary Fund, Christine Lagarde, expressed her belief that central banks and financial regulators should protect consumers but be open to innovations such as cryptocurrencies. Lagarde mentioned that there are many new opportunities that can arise through change, something that she believes banks and financial regulators should embrace. In her interview, she mentioned 

”In the case of new technologies – including digital currencies – that means being alert to risks […]. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”


In addition, Lagarde promised that if she were to be the ECB president she would ensure that institutions adapt to the rapidly changing financial environment.


Marshall Islands Official Explains National Crypto

Next, we have a news item from the Marshall Islands, an island country in the central Pacific Ocean. They’ve recently published an essay discussing the country’s cryptocurrency project ahead of the Invest: Asia 2019 conference. Now, for those who are unaware, this island country passed a Sovereign Currency Act last year, which revealed its plan to issue a new national digital currency. Although they have been independent since 1979, Marshall’s residents are still using the United States dollar as the official currency for all transactions both internally and externally. In the released analysis, the author, David Paul – Minister In-Assistance to the President and Environment of the Marshall Islands, pointed out that the Islands’ decision was based on a fact that centralized currencies like USD are not workable in a country of a little over 50,000 people spread across over 1,000 Pacific islands. Furthermore, he explained the fixed, tamper-proof money supply:

“We chose to create a fixed money supply with fixed growth because fiat currencies can be remarkably unstable. […] The policies of major central banks are not reassuring, as the gold and bitcoin prices attest. We as governments need to take a more sustainable approach to money, and not treat it as a limitless resource.”


Binance plagiarized BitMEX futures platform documents

BitMEX and Binance, where the former accused the latter of plagiarizing their documents as part of their recent futures testnet launch. Now, this accusation was posted on Twitter on Sept 4. The Tweet reads:

“Congrats on the Testnet Futures launches @binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it!”.


To prove their claim, the BitMEX team included screenshots of the two futures contracts, which look almost identical, from words to words.  Now, this problem was soon noticed by the CEO of Binance, Changpeng Zhao. He confessed:

“Shame on us. Sorry about that. Missed this in the DD process before the acquisition (didn’t read the BitMex docs ourselves). Will fix/remove ASAP.”


Steemit is now fully operational again

The blogging and social networking website Steemit has announced its return via Twitter after shutting down for a period of time due to a bug in the curations reward curve. According to their post on Sept 3, the platform is now properly and fully fixed. The announcement went on to say:

“The bug was the result of a subtle behavior in the new curation rewards curve that lead to votes being able to have a curation reward weight of -1, which when stored in an unsigned field resulted in a computed value of 2^64 – 1. When paid out, these votes were attempting to receive trillions in STEEM.”


So what are your thoughts regarding all the news?

What do you think about the new recruits for both Gemini and Ripple?

Do you think Christine Lagarde will become president of ECB – The European Central Bank?

What about the Marshall Island’s cryptocurrency project?


Please leave a comment right below to let me know what you guys are thinking. It’s your girl Cindy with CryptoPig. I’ll see you guys tomorrow.


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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.


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