Key Takeaways:
- HTX (formerly Huobi) surpassed Coinbase in daily spot trading volumes, reaching $2.4 billion compared to Coinbase’s $2 billion.
- HTX is now the fourth-largest crypto exchange globally, following Binance, Bybit, and OKX.
- Coinbase faces legal challenges in the U.S., including an ongoing SEC lawsuit alleging unregistered exchange activities.
HTX, formerly known as Huobi, has overtaken Coinbase in daily spot trading volumes.
On May 27, Tron founder and HTX adviser Justin Sun announced that HTX had surpassed Coinbase for the first time in spot trading volume.
For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started. 🫡 pic.twitter.com/VeYHFCviHy
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024
According to CoinGecko, HTX now handles approximately $2.4 billion in daily spot trading volumes, ranking it as the fourth-largest crypto exchange globally, behind Binance, Bybit, and OKX.
Coinbase, in contrast, manages around $2 billion, placing it behind HTX and Bitrue.
This development comes as Coinbase faces several legal challenges in the United States, including a lawsuit from the SEC alleging that Coinbase operates an unregistered exchange, broker, and clearing agency.
HTX SURGES PAST COINBASE FOR SPOT TRADING VOLUME
— BSCN (@BSCNews) May 28, 2024
“This is just the beginning, and we are just getting started”
– As announced by $TRX founder, @justinsuntron, the @HTX_Global exchange (for which he is an advisor) has, for the first time ever, flipped @Coinbase in terms of spot… https://t.co/ca8kjnW2s7 pic.twitter.com/3XhEMoA5uH
In March 2024, a U.S. court allowed the SEC’s case to proceed, and Coinbase continues to fight these allegations.
HTX celebrated its 10th anniversary in September 2023 by rebranding from Huobi to HTX, a move perceived as controversial due to its resemblance to the failed exchange FTX.
The new name reflects elements of Huobi, Tron, and the exchange itself.
HTX surpasses Coinbase in spot trading volumes@HTX_Global has overtaken @coinbase in spot trading volumes, handling $2.4 billion daily.
— Satoshi Club (@esatoshiclub) May 28, 2024
Tron founder @justinsuntron announced this milestone on May 27. pic.twitter.com/C5WJ4xRPaj
Both HTX and Coinbase have not commented on the recent changes in trading volumes.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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