HTX Surpasses Coinbase in Spot Trading Volume for First Time: Data

In a shift within the cryptocurrency exchange landscape, HTX has surpassed Coinbase in spot trading volumes for the first time.

This milestone was announced by Justin Sun, the founder of the TRON blockchain and HTX Global Advisor, through a post on the X social media platform on May 27.

Sun says it’s ‘just the beginning’

Sun outlined the significant milestone, stating that HTX has surpassed Coinbase in spot trading volume for the first time. He expressed his confidence in the trajectory and emphasized that this achievement marks only the initial stages of the platform’s growth.

For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we’re just getting started. 🫡 pic.twitter.com/VeYHFCviHy

— HE Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024

Based on data from CoinGecko, HTX currently handles around $2.4 billion in daily spot trading volumes, cementing its position as one of the largest crypto exchanges in the world, behind only Binance, Bybit, OKX and Gate.io .

Coinbase, a leading exchange in the United States, oversees approximately $2 billion in daily spot trading volumes, placing it behind HTX and Bitrue.

HTX, formerly known as Huobi, is one of the oldest and largest cryptocurrency exchanges in the world. In September 2023, the platform changed its name to HTX to celebrate its 10th anniversary.

Two months ago, HTX made headlines by pledging to donate all of Slerf’s trading revenue to HTX Global. This philanthropic initiative was aimed at compensating private sale participants and supporting the mining of trade fees from Slerf to HTX.

My personal HTX account balance (only for those who say I don’t use HTX much) @HTX_Global pic.twitter.com/TtbiDWHLRZ

— HE Justin Sun 孙宇晨 (@justinsuntron) February 27, 2024

Meanwhile, Justin Sun’s active involvement with HTX has been a topic of discussion in the crypto community. He recently disclosed his personal holdings of the HTX portfolio in X. This followed discussions and skepticism about his active use and support of HTX despite his important role as a global advisor within the company.

Coinbase Legal Challenges

Coinbase’s drop in the exchange volume rankings comes amid the company navigating several legal challenges in the United States.

In June 2023, the US Securities and Exchange Commission (SEC) filed a securities violation lawsuit against Coinbase. The lawsuit alleges that the company operates as an unregistered stock exchange, broker and clearing agency.

Although a motion to dismiss the case was denied in March 2024, Coinbase continues to fight to prove its point. On May 24, the exchange filed a memorandum supporting its interlocutory appeal, seeking to challenge a specific decision in the ongoing case.

The US Supreme Court also recently ruled against Coinbase in a dispute related to a $1.2 billion Dogecoin lottery starting in 2021. These legal hurdles are likely to have affected the exchange’s trading volumes , providing HTX with the opportunity to rise in the ranking.

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