Binance Announces Acquisition of Crypto Exchange JEX

Binance has revealed the procurement of crypto exchange JEX in a bid to boost its crypto derivatives offerings for professional traders.

Seychelles-registered JEX provides spot and derivatives (including options and futures) trading in digital currencies like bitcoin and ether.

Going forward under Binance administration, the derivatives exchange will be known as Binance JEX. JEX provides its native token, also dubbed JEX, which will proceed to be guided by its existing foundation, Binance stated.

Binance intends to begin with distributing the tokens to clients through “marketing activities and community incentives” before eventually clawing back and burning them through means such as trading commissions, the announcement said.

Binance did not reveal the terms behind the acquisition.

“JEX has a seasoned developer team with proven experience in cryptoasset product development. JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s product roadmaps in the cryptoasset derivatives market,” said Yi He, co-founder of Binance.

Just recently, Binance revealed that it had made two testnets for its planned futures platform accessible for user testing, with competitions to empower client cooperation before live launch.