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Two New Exchanges Are Now Trading More Than Binance

Two-New-Exchanges-Are-Now-Trading-More-Than-Binance

Two New Exchanges Are Now Trading More Than Binance

Two new cryptocurrency exchanges are now trading more than

- showing a significantly larger 24-hour trading volume than the world’s leading exchange.

, a Singapore-based exchange recorded over $2bn of trading volume in the last 24 hours, while Hong Kong-based

posted a trading volume of over $1bn - both exceeding Binance’s 24hr trading volume of just over $800m, according to

reports the two new exchanges' trading volumes as even higher - at $5.3bn and $2.2bn respectively.

Adopting a new revenue model known as “trans-fee mining,” the new platforms have rapidly shot to the top of the exchange rankings.

Trans-fee mining sees exchanges moving beyond traditional fee-taking models - instead issuing their own tokens which are paid to users in return for their normal transaction fees in crypto.

- which shares 80% of its crypto fee profits with its FT token holders - the model has

Accusations abound that the model is in essence an ICO, as Binance CEO Zhao Changpeng remarked on his

"You pay transaction fees to the platform with BTC and ETH. Then the platform pays '100%' back to you with its token. Isn't it just buying platform token with BTC and ETH? How is this different from an ICO?"