June 18, 2024
HTX surpasses Coinbase
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HTX Surpasses Coinbase in Spot Trading Volumes

HTX Overtakes Coinbase

Cryptocurrency trading platform HTX, formerly known as Huobi, has achieved a significant milestone by surpassing the United States-based exchange Coinbase in spot trading volumes. This marks a notable shift in the competitive landscape of global crypto exchanges. Tron founder Justin Sun, an adviser to HTX and a major stakeholder, announced on X on May 27 that HTX had exceeded Coinbase in spot trading volume for the first time. “This is just the beginning, and we are just getting started,” Sun stated, highlighting data from the crypto data aggregator CoinGecko that compared HTX and Coinbase.

Trading Volume Rankings

According to CoinGecko, HTX currently handles approximately $2.4 billion in daily spot trading volumes, making it the fourth-largest crypto exchange globally, trailing only Binance, Bybit, and OKX. In contrast, Coinbase manages around $2 billion in daily spot trading volumes, placing it behind HTX and Bitrue. The CoinGecko data aligns with figures from another cryptocurrency website, CoinMarketCap, confirming HTX’s rise and Coinbase’s drop in rankings. This decline in Coinbase’s trading volume comes amid several legal challenges faced by the company in the United States.

Legal Challenges for Coinbase

Coinbase has been grappling with legal issues since June 2023, when the U.S. Securities and Exchange Commission (SEC) filed a securities violation lawsuit against the exchange. Despite efforts to dismiss the case, a U.S. court in March 2024 denied Coinbase’s motion, allowing the SEC to continue its allegations that Coinbase operates as an unregistered exchange, broker, and clearing agency. On May 24, Coinbase filed a memorandum in support of its interlocutory appeal, challenging a specific ruling in the ongoing case. These legal battles have coincided with a drop in Coinbase’s spot trading volumes, further impacting its market position.

HTX’s Rebranding and Future Prospects

HTX, one of the world’s largest and oldest cryptocurrency exchanges, rebranded from Huobi to HTX in September 2023, marking its 10th anniversary. The rebranding was met with mixed reactions within the crypto community, with some drawing parallels between HTX and the defunct exchange FTX. The new name combines elements representing Huobi, Tron, and the exchange itself. As HTX continues to grow and surpass established competitors like Coinbase in trading volumes, the exchange looks to solidify its position in the cryptocurrency market. With significant assets and support from prominent figures like Justin Sun, HTX’s future in the crypto industry appears promising.

Image by jcomp on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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