The cryptocurrency trading platform HTX, formerly known as Huobi, has achieved a significant milestone in the global cryptocurrency market. It has now surpassed the United States-based exchange Coinbase in daily spot trading volumes, marking a notable shift in the industry’s landscape.
Justin Sun, the visionary founder of Tron and an esteemed advisor to HTX, shared the groundbreaking news on the social media platform X on May 27. He revealed that HTX had exceeded Coinbase in spot trading volumes for the first time, a testament to his strategic guidance and the platform’s potential. “This is just the beginning, and we are just getting started,” Sun confidently stated, pointing to data from the cryptocurrency data aggregator CoinGecko.
According to the latest CoinGecko statistics, HTX handles approximately $2.4 billion in daily spot trading volumes, ranking it as the fourth-largest cryptocurrency exchange globally, following Binance, Bybit, OKX, and Gate.io. Meanwhile, Coinbase trails behind with about $2 billion daily volumes, falling behind the Bitrue exchange.
Data from CoinGecko is corroborated by figures from another prominent cryptocurrency site, CoinMarketCap, confirming the reported trading volumes.
Top seven crypto exchanges ranked by daily trading volumes. Source: CoinGecko
Coinbase’s position in the market has been significantly impacted by a series of legal challenges it faces in the United States. In June 2023, the U.S. Securities and Exchange Commission (SEC) sued Coinbase for securities violations. Coinbase continues its legal battle, which could potentially affect its market position. In March 2024, a U.S. court rejected Coinbase’s motion to dismiss the SEC’s lawsuit, which accuses the platform of operating as an unregistered exchange, broker, and clearing agency.
Most recently, on May 24, Coinbase supported its ongoing legal struggle by filing a memorandum backing its interlocutory appeal, a move aimed at contesting a single decision within the broader case.
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