Cryptocurrency trading platform HTX, formerly Huobi, has overtaken the United States-based exchange Coinbase regarding spot trading volumes.
Tron founder Justin Sun, who serves as an adviser for HTX and holds significant assets on the exchange, announced on X (formerly Twitter) on May 27 that HTX has surpassed Coinbase in spot trading volume for the first time. Sun celebrated this milestone by stating, “This is just the beginning, and we are just getting started.”
According to data from crypto aggregator CoinGecko, HTX handles around $2.4 billion in daily spot trading volumes, making it the fourth-largest crypto exchange globally, following Binance, Bybit, OKX, and Gate.io. Coinbase manages approximately $2 billion in spot trading volumes, placing it behind HTX and Bitrue.
CoinGecko’s information aligns with trading data from another cryptocurrency website, CoinMarketCap. Both platforms confirm HTX’s rise in trading volume rankings.
Coinbase’s drop in exchange volume rankings amidst ongoing legal challenges in the United States. The company has been embroiled in a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC) since June 2023. The SEC alleges that Coinbase operates an unregistered exchange, broker, and clearing agency.
In March 2024, a U.S. court denied Coinbase’s motion to dismiss the SEC’s case, allowing the regulator to continue pursuing its allegations. On May 24, Coinbase filed a memorandum supporting its interlocutory appeal, aiming to oppose a specific ruling in the ongoing case.
HTX’s Rebranding Journey
HTX, one of the world’s largest and oldest cryptocurrency exchanges, marked its 10th anniversary in September 2023 by rebranding from Huobi to HTX. The rebranding move was controversial in the crypto community, with many drawing parallels between HTX’s new name and the collapsed exchange FTX. The new name represents the first letter of Huobi (“H”), Sun’s blockchain project Tron (“T”), and “X” for exchange.
Cointelegraph approached HTX and Coinbase for comments regarding the changes in trading volumes but has yet to receive a response before publication.
