According to the site CoinMarketCapTwo of the platforms have topped the trading volume over the past 24 hours, after they added a new revenue model.

The data shows that the 24-hour trading volume of Singapore’s Coinbene exceeded $2 billion, while Bit-Z took second place with a trading volume of $1.5 billion, overtaking Binance and OKEx.

This comes due to a new business model that the two platforms follow, which is “fee mining,” which distributes fee mining to users, a way to motivate users to trade on the platform, which has changed the landscape of cryptocurrency trading platforms, and faced some criticism from workers in the sector.

Read:Cryptocurrency exchange KuCoin recovers $236 million worth of stolen cryptocurrency

For example, Bit-Z mentioned in the working paper, that it plans to produce its own BZ coin and issue 300 million coins. Therefore, any user who makes a trade and pays the trading fee in Ethereum or Bitcoin, the platform will compensate the user with the same value of 100% of their currency.

Coinbene also announced its launch of this offer on June 18, and as for Bit-Z, it launched the new model on Monday, June 25, which led to the sudden rise in trading volumes we witnessed and made it the top of the cryptocurrency exchange scene.

Read:New York Fed President: The development of cryptocurrencies raises important questions for central banks

This model faced many criticisms, perhaps the most important of which is that the model motivates users to make a large number of fake transactions using the bot in an attempt to take advantage and obtain the currencies of the platforms, which is reflected in the manipulation of currency prices.