Cryptocurrency trading platform HTX, formerly known as Huobi, has overtaken the US-based exchange Coinbase in spot trading volumes. This marks a significant milestone for HTX, which is now outpacing one of the most well-known exchanges in the crypto market.
HTX Outpaces Coinbase
Tron founder Justin Sun, an advisor to HTX who also holds significant assets on the exchange, announced on May 27 that HTX had surpassed Coinbase in spot trading volume for the first time. He celebrated the achievement on X, noting, “This is just the beginning, and we are just getting started.”
According to CoinGecko data, HTX handles around $2.4 billion in daily spot trading volumes, ranking as the fourth-largest crypto exchange globally, following Binance, Bybit, OKX, and Gate.io. In comparison, Coinbase’s spot trading volume is approximately $2 billion, placing it behind both HTX and Bitrue.
CoinGecko’s data aligns with trading information from CoinMarketCap, further validating HTX’s newfound position in the market.
Legal Challenges for Coinbase
Coinbase’s drop in trading volume rankings comes amid multiple 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 exchange is currently 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 allegations that Coinbase operates as an unregistered exchange, broker, and clearing agency. On May 24, Coinbase filed a memorandum in support of its interlocutory appeal, aiming to challenge a specific ruling in the ongoing case.
Also Read: Coinbase Resumes Ripple (XRP) Trading in New York After SEC Lawsuit
HTX’s Rebranding and Controversy
HTX, one of the world’s largest and oldest cryptocurrency exchanges, celebrated its 10th anniversary in September 2023 by rebranding from Huobi to HTX. The rebranding has sparked controversy within the crypto community, with some drawing parallels between HTX’s new name and the collapsed exchange FTX.
The new name symbolizes various aspects of the exchange: “H” represents the first letter of Huobi, “T” stands for Justin Sun’s blockchain project Tron, and “X” signifies the exchange.
Despite the controversy, HTX’s growth and recent achievement underscore its increasing influence in the crypto trading space.
