Cryptocurrency trading platform HTX, formerly known as Huobi, has overtaken the United States-based exchange Coinbase in terms of spot trading volumes.
Tron founder Justin Sun — who serves as HTX adviser and holds significant assets on the exchange — took to X on May 27 to announce that the global HTX exchange has surpassed Coinbase in spot trading volume for the first time.
“This is just the beginning, and we are just getting started,” Sun argued, referring to HTX and Coinbase data on the crypto data aggregator CoinGecko.
According to CoinGecko data at the time of writing, HTX handles around $2.4 billion in spot trading volumes daily and is ranked the fourth-largest crypto exchange in the world after Binance, Bybit, OKX and Gate.io.
Coinbase is lagging behind HTX and Bitrue exchange, with around $2 billion in spot trading volumes.
CoinGecko’s exchange info about HTX and Coinbase corresponds with trading data from another cryptocurrency website, CoinMarketCap.
Cointelegraph approached HTX and Coinbase for a comment regarding the changes in the trading volumes on the platforms but did not receive a response at the time of publication.
Coinbase’s drop in exchange volume rankings comes amid the company undergoing multiple legal challenges in the United States.
After facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC) in June 2023, Coinbase is still fighting to prove its case.
In March 2024, a U.S. court denied the exchange’s motion to dismiss the SEC’s case against Coinbase, allowing the regulator to pursue its lawsuit alleging that Coinbase operates an unregistered exchange, broker and clearing agency.
On May 24, Coinbase filed a memorandum in support of its interlocutory appeal, which aims to oppose a single ruling in the ongoing case.
Related: Coinbase reopens XRP trading in New York
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 move was largely perceived as controversial in the crypto community, as many draw parallels between Huobi’s new HTX name and the collapsed exchange FTX. In its new name, “H” represents the first letter of Huobi, “T” represents Sun’s blockchain project Tron, and “X” represents the exchange.
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