Crypto exchange Binance has snapped up crypto-asset trading platform JEX for an undisclosed amount.

The acquired platform, which focuses on spot and derivatives trading services, will now operate under the name Binance JEX.

“JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market,” Binance noted.

Binance will also assume control of the JEX tokens.

Commenting on the deal, Binance said: “In a longer term, JEX tokens will be gradually distributed to all users via marketing activities and community incentives; subsequently, the tokens will be gradually retrieved and burned in various forms including trading commission deductions and so on.

“We welcome the JEX team and more partners to join the Binance ecosystem.”

Binance developments

Last month, Binance announced an open blockchain project called Venus. The aim of the project is to develop local stable coins and digital assets backed by fiat currencies.

However, the year till date has not been entirely rosy for the crypto exchange.

In May, Binance fell prey to a heist, which resulted in the theft of $41m worth of Bitcoin and other cryptocurrencies.

Hackers were said to gain access to a large number of user API keys, 2FA codes, and other data.

Notably, a year ago, Binance acquired mobile wallet provider Trust Wallet.