Following a 5-day testing period on two versions of its futures trading platform, Binance Futures has officially launched. Access is by invitation only but there are two ways you can snag one.
Binance CEO Changpeng “CZ” Zhao made the announcement on Twitter Monday evening, a day after the testing period came to a close.
To access the futures platform, users need to log into their Binance account and then go to its BTC/USDT futures market.
From there, they will need to click on the yellow ‘Open Now’ button to open a futures account, after which a pop-up window appears, requesting a referral code.
One way to get the referral code is to simply contact Binance customer support – CZ said as much following his announcement yesterday, but requests for invites and token additions were coming so fast and thick that it was easy to miss.
The second way to get the code is to check out Binance’s main Twitter account, where they have begun posting one-time use codes in random batches.
Log in to https://t.co/QILSkzOI1K
Go to https://t.co/dTCZMhvbeo
Click on “open futures account”
Key in one of the below referral inputs
Codes are single-use. FCFS! GOOOOO! https://t.co/YA6KlEh6OH
— Binance (@binance) September 10, 2019
Binance Futures’ rocky testing phase
While the soft launch of Binance Futures appears to have gone smoothly, its testing phase was peppered with critical reviews and wry commentary from a competitor over copied documentation.
According to him, the platforms were “not documented well” and not ready to be used.
“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.”
doublejump also noted that both platforms – particularly platform A – shared similarities with BitMEX in terms of features and functionality:
“In terms of contract specs, platform A has copied most mechanics from
@BitMEXdotcom’s perpetual inverse swap: funding every 8 hours, insurance fund funded by liquidations, and auto-deleveraging in case of insufficient insurance funds.”
The exchange was also left with egg on its face when BitMEX pointed out that its futures documentation had been copied from the latter’s platform:
— BitMEX (@BitMEXdotcom) September 4, 2019
To CZ’s credit, he took the calling out in stride and with good humor:
“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.”
So which version of Binance Futures launched?
The launch of the Futures A / Futures B testnet was also the start of the Battle for Binance Futures contest, which gave participants a chance to win up to 10,000 BNB in prizes for testing the platforms and voting for the winner.
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
Binance’s expansion efforts
Binance.US, scheduled to be launched sometime in the coming weeks, is the American expansion arm of the exchange.
According to its official blog, Binance.US is a “fast, compliant, and secure digital asset marketplace.”
Catherine Coley, CEO of BAM, Binance’s partner and operator of the US exchange, discussed the potential of blockchain in the US and the new opportunities that the partnership will bring.
“This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”
Additionally, Binance announced the launch of a New York State Department of Financial Services (NYDFS) approved stablecoin, which is pegged to the US dollar.
Binance teamed up with Paxos to launch BUSD, which will be available on the Paxos platform. Initially, BUSD can be traded on Binance against BTC, XRP, and BNB.