HTX Crypto Exchange Overtakes Coinbase

Coinbase lags behind HTX and Bitrue crypto exchanges in spot trading volumes by approximately $2 billion

Regarding spot trading volumes, the cryptocurrency trading platform HTX, formerly Huobi, has surpassed the United States-based exchange Coinbase.

On May 27, X was utilized by Tron founder and HTX adviser and significant asset holder Justin Sun to declare that the global HTX exchange had, for the first time, surpassed Coinbase in spot trading volume.

“We are just getting started,” Sun argued, citing information from HTX and Coinbase on the cryptocurrency data aggregator CoinGecko. “This is only the beginning.”

As of the time of writing, HTX processes approximately $2.4 billion in daily spot trading volumes and is positioned as the fourth-largest cryptocurrency exchange globally, following Binance, Bybit, OKX, and Gate.io, according to CoinGecko data.

Coinbase lags behind HTX and Bitrue exchanges regarding spot trading volume, which is approximately $2 billion.

CoinGecko’s exchange information regarding HTX and Coinbase is consistent with trading data obtained from CoinMarketCap, an additional cryptocurrency website.

A concurrent decrease in Coinbase’s exchange volume rankings and the company’s ongoing legal disputes in the United States have been observed.

Coinbase is actively defending itself against a securities violation lawsuit initiated in June 2023 and lodged with the U.S. Securities and Exchange Commission (SEC).

In March 2024, a U.S. court rejected the exchange’s motion to dismiss the SEC’s lawsuit against Coinbase, allowing the regulator to continue its legal proceedings because Coinbase operates as an unregistered clearing agency, broker, and exchange.

On May 24th, Coinbase lodged a memorandum supporting its interlocutory appeal, which aims to contest a single judgment in the ongoing litigation.

HTX, one of the world’s earliest and largest cryptocurrency exchanges, rebranded from Huobi to HTX in September 2023 to commemorate its tenth anniversary.

In the cryptocurrency community, the decision was primarily regarded as contentious, with many attributing Huobi’s new HTX name to the defunct exchange FTX. “H” signifies the initial letter of Huobi in its new name, “T” denotes Tron, Sun’s blockchain initiative, and “X” signifies the exchange.