The spot trading volumes of cryptocurrency trading platform HTX, formerly known as Huobi, have surpassed those of the United States-based exchange Coinbase. Justin Sun, the founder of Tron and an adviser for HTX, made the announcement on May 27th, stating that HTX has overtaken Coinbase in spot trading volume for the first time. According to data from CoinGecko, HTX handles approximately $2.4 billion in daily spot trading volumes, making it the fourth-largest crypto exchange in the world. Coinbase, on the other hand, lags behind HTX and Bitrue exchange with around $2 billion in spot trading volumes. CoinGecko’s data aligns with that of CoinMarketCap, another cryptocurrency website.
Cointelegraph reached out to both HTX and Coinbase for comment on the changes in trading volumes but did not receive a response at the time of publication. Coinbase’s drop in exchange volume rankings coincides with the company facing multiple legal challenges in the United States. After being sued by the U.S. Securities and Exchange Commission (SEC) for securities violations in June 2023, Coinbase is still fighting to prove its case. In March 2024, a U.S. court denied Coinbase’s motion to dismiss the SEC’s case, allowing the regulator to pursue its lawsuit alleging that Coinbase operates an unregistered exchange, broker, and clearing agency. On May 24th, Coinbase filed a memorandum in support of its interlocutory appeal to oppose a single ruling in the ongoing case.
HTX, one of the world’s largest and oldest cryptocurrency exchanges, celebrated its 10th anniversary in September 2023 by rebranding from Huobi to HTX. However, the move sparked controversy within the crypto community, as many drew comparisons between Huobi’s new name and the collapsed exchange FTX. The “H” in HTX represents the first letter of Huobi, the “T” represents Justin Sun’s blockchain project Tron, and the “X” represents the exchange.
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