HTX exchange, formerly known as Huobi, has surpassed United States-based exchange Coinbase in spot trading volumes.
On May 27, X was on hand to report that the global HTX exchange had, for the first time, surpassed Coinbase in terms of spot trading volume. Tron founder and HTX adviser and significant asset holder Justin Sun made the announcement.
“We are just getting started,” Sun argued, citing information from HTX and Coinbase on the cryptocurrency data aggregator CoinGecko. “This is only the beginning.”
HTX is the fourth-largest cryptocurrency exchange globally, behind Binance, Bybit, OKX, and Gate.io, according to data from CoinGecko as of the time of writing. It processes approximately $2.4 billion in daily spot trading volumes.
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.
The decline in Coinbase’s exchange volume rankings coincides with the organization’s ongoing legal disputes in the United States.
Coinbase continues to contend with the U.S. Securities and Exchange Commission (SEC) in its pursuit to establish its innocence after filing a securities violation complaint against it in June 2023.
A U.S. court denied the exchange’s motion to dismiss the SEC’s case against Coinbase in March 2024, permitting the regulator to proceed with its litigation because Coinbase functions as an unregistered broker, clearing agency, and exchange.
Coinbase submitted a memorandum on May 24 supporting its interlocutory appeal, which seeks to challenge a solitary judgment in the ongoing litigation.
Rebranding from Huobi to HTX in September 2023, HTX, one of the world’s earliest and most prominent cryptocurrency exchanges, commemorated its tenth anniversary.
Comparing Huobi’s new HTX name to the defunct exchange FTX prompted numerous cryptocurrency community members to characterize the action as largely contentious. “H” signifies the initial letter of Huobi in its new name, “T” represents Tron, Sun’s blockchain initiative, and “X” denotes the exchange itself.
