Data Reveals HTX Outperforms Coinbase in Spot Trading Volume for the First Time

HTX has recently outshined Coinbase by achieving higher spot trading volumes, marking a significant shift in the crypto exchange market.

Justin Sun, TRON’s founder and an advisor for HTX, shared this news on the social network X on May 27, celebrating the milestone.

A New Phase for HTX, Sun Suggests

Highlighting this landmark event, Sun confirmed that HTX has for the first time overtaken Coinbase in terms of spot trading volumes. He remains optimistic about the growth prospects of the platform, indicating that it is just the start for HTX.

Recent figures from CoinGecko data show that HTX’s daily spot trading volumes have reached about $2.4 billion, positioning it amongst the top crypto exchanges globally, only outpaced by Binance, Bybit, OKX, and Gate.io.

Meanwhile, Coinbase, known as one of the premier exchanges in the U.S., records nearly $2 billion in similar trade volumes, now trailing behind HTX and Bitrue.

The rebranding of Huobi to HTX, which took place in September 2023 to honor its decade-long history, signified a pivotal change for one of the world’s most established crypto exchanges.

HTX notably made the news two months prior by committing to donate all proceeds from Slerf trades on its global platform. This benevolent measure aimed to provide restitution to private sale investors and encourage trading fee mining for Slerf on HTX.

Justin Sun’s deeper engagement with HTX has sparked conversations among the crypto community. He recently made his personal HTX wallet public on network X, amidst growing curiosity and skepticism about his influential presence and endorsement of HTX amid his role as a global advisor.

Coinbase Encounters Regulatory Obstacles

As Coinbase sees its exchange volume position drop, it concurrently contends with legal scrutiny in the United States.

In June 2023, the SEC launched a lawsuit against Coinbase claiming securities violations. The lawsuit advances the argument that the firm functions without proper registration as an exchange, broker, or clearing agency.

Although a motion to dismiss the lawsuit was overruled in March 2024, Coinbase persists in its stance. On May 24, the company submitted a memorandum in favor of its interlocutory appeal, aiming to dispute a particular judgment within the ongoing litigation.

Moreover, the U.S. Supreme Court has also issued a decision against Coinbase concerning its Dogecoin sweepstakes from 2021, valued at $1.2 million. These legal challenges have conceivably played a role in diminishing their trading volume, consequently paving the way for HTX’s climb in the ranks.