Cryptocurrency trading platform HTX, previously known as Huobi, has surpassed US-based exchange Coinbase in spot trading volumes.
Tron founder Justin Sun, an adviser to HTX and a significant asset holder on the platform announced the milestone on X on May 27.
“For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started,”
Sun stated, citing data from crypto aggregator CoinGecko.
As of the time of writing, CoinGecko data shows HTX managing approximately $2.4 billion in daily spot trading volumes, positioning it as the fourth-largest crypto exchange globally. Only Binance, Bybit, OKX, and Gate.io rank higher. In contrast, Coinbase trails behind HTX and Bitrue, with around $2 billion in spot trading volumes.
The information from CoinGecko aligns with trading data from CoinMarketCap, another cryptocurrency tracking website. Coinbase’s decline in trading volume rankings occurs as the company faces multiple legal challenges in the U.S.
Coinbase’s decline in trading volume rankings coincides with the company facing several legal challenges in the United States.
In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a securities violation lawsuit against Coinbase. Despite the exchange’s efforts to dismiss the case, a U.S. court denied the motion in March 2024, allowing the SEC to continue its lawsuit, alleging that Coinbase operates as an unregistered exchange, broker, and clearing agency.
On May 24, Coinbase filed a memorandum supporting its interlocutory appeal, aiming to challenge a single ruling in the ongoing case.
HTX, one of the oldest and largest cryptocurrency exchanges, marked its 10th anniversary in September 2023 by rebranding from Huobi to HTX.
The rebranding was controversial within the crypto community, drawing comparisons between HTX and the defunct exchange FTX. The new name symbolizes “H” for Huobi, “T” for Tron’s blockchain project, and “X” for the exchange.
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