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 a global advisor for HTX, via a post on the social media platform X on May 27.
Sun Declares it’s ‘Just the Beginning’
Sun outlined the significant milestone, affirming that HTX has surpassed Coinbase in spot trading volume for the first time. He expressed confidence in the trajectory, emphasizing that this achievement marks only the platform’s initial stages of growth.
For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started.
pic.twitter.com/VeYHFCviHy
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) May 27, 2024
Based on CoinGecko data, HTX presently manages around $2.4 billion in daily spot trading volumes, solidifying its position as one of the world’s largest crypto exchanges, trailing only behind Binance, Bybit, OKX, and Gate.io.
Coinbase, a leading U.S.-based exchange, 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 worldwide. In September 2023, the platform rebranded to HTX to celebrate its 10th anniversary.
Two months ago, HTX made headlines by pledging to donate all Slerf trading revenue on HTX Global. This philanthropic initiative aimed to compensate private sale participants and support Slerf’s trading fee mining on HTX.
My personal HTX account balance (just for those who are saying I’m not using HTX much) @HTX_Global pic.twitter.com/TtbiDWHLRZ
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) February 27, 2024
Meanwhile, Justin Sun’s active involvement with HTX has been a topic of discussion in the crypto community. Recently, he disclosed his personal HTX wallet holdings on X. This followed discussions and skepticism about his active use and support of HTX despite his significant role as a global advisor within the company.
Coinbase’s Legal Challenges
Coinbase’s decline in exchange volume rankings comes amid the company navigating various legal challenges in the United States.
In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a securities violation lawsuit against Coinbase. The lawsuit alleges that the firm operates as an unregistered exchange, broker, and clearing agency.
Despite a motion to dismiss the case being 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 ruling in the ongoing case.
The U.S. Supreme Court also recently ruled against Coinbase in a dispute related to a $1.2 million Dogecoin sweepstakes from 2021. These legal hurdles have likely impacted the exchange’s trading volumes, providing HTX with an opportunity to rise in the rankings.
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