Binance Acquires Singapore-Based Crypto Spot and Derivatives Exchange

Siamak Masnavi

On Monday (September 2), Binance announced that it had acquired JEX, a crypto exchange offering both spot and derivatives trading services.

JEX currently offers the following spot trading pairs: BTC/USDT, EOS/USDT, ETH/USDT, BCH/USDT, HT/USDT, BNB/USDT, ADA/USDT, XRP/USDT, NEO/USDT, BSV/USDT, TRX/USDT, ALGO/USDT, BTM/USDT, DASH/USDT, SNT/USDT, IOST/USDT, ELF/USDT, GNT/USDT, QTUM/USDT, and ZIL/USDT.

As for crypto options, JEX offers options on Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and EOS.

The Binance team said that JEX would be rebranded as "Binance JEX" and provide Binance users with crypto futures, options, and other crypto-based derivatives.

It also said that Binance would be managing the JEX team and the JEX token, introducing more uses for it over time. The long-term plan for JEX tokens is to gradually distribute them to "all users via marketing activities and community incentives." Later, these tokens will be "gradually retrieved and burned in various forms including trading commission deductions and so on."

In the mean time, earlier today, Binance also launched testnets for two potential futures platforms, only one of which will become Binance's official futures platform.

Featured Image Courtesy of Binance