Cryptocurrency trading platform HTX, previously known as Huobi, has surpassed the U.S.-based exchange Coinbase in spot trading volumes.
Tron founder Justin Sun, who acts as an advisor for HTX and holds considerable assets on the platform, announced on X on May 27 that HTX has outpaced Coinbase in spot trading volume for the first time.
Sun emphasized that this milestone is just the beginning, citing data from the crypto analytics site CoinGecko to compare HTX and Coinbase.
At the time of writing, CoinGecko data indicates that HTX manages approximately $2.4 billion in daily spot trading volumes, making it the fourth-largest crypto exchange globally after Binance, Bybit, OKX, and Gate.io.
Coinbase trails behind HTX and Bitrue, with around $2 billion in daily spot trading volumes.
The trading volume data from CoinGecko aligns with figures from another crypto analytics platform, CoinMarketCap.
Coinbase’s decline in exchange volume rankings coincides with the company facing multiple legal challenges in the U.S.
After being sued by the U.S. Securities and Exchange Commission (SEC) for securities violations in June 2023, Coinbase continues to defend itself.
In March 2024, a U.S. court rejected Coinbase’s motion to dismiss the SEC’s lawsuit, allowing the regulator to continue its case alleging that Coinbase operates as an unregistered exchange, broker, and clearing agency.
On May 24, Coinbase submitted a memorandum supporting its interlocutory appeal, challenging a specific ruling in the ongoing case.
HTX, one of the world’s largest and oldest cryptocurrency exchanges, celebrated its 10th anniversary in September 2023 by rebranding from Huobi to HTX.
This rebranding move was controversial within the crypto community, with many noting similarities between HTX and the collapsed exchange FTX. The new name incorporates “H” for Huobi, “T” for Sun’s blockchain project Tron, and “X” for exchange.
May 2024, Cryptoniteuae