HTX Surpasses Coinbase with Around 2 Billion Spot Trading Volume for the First Time
Seychelles-based cryptocurrency exchange HTX, founded in China, has surpassed Coinbase, the U.S. cryptocurrency exchange, in terms of spot trading volume for the first time.
Justin Sun, founder of the TRON blockchain and advisor to HTX, posted on X about this historic milestone. He announced that HTX Global is now a tough competitor for the American cryptocurrency exchange Coinbase.
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 å™å®‡æ™¨ (@justinsuntron) May 27, 2024
As stated in the tweet, HTX's 24-hour trading volume is $1.81 billion, more than Coinbase's $1.58 billion trading volume. He concluded that this is just the beginning, and we are just getting started.
The chart indicated that in a 24-hour period, HTX Global recorded spot trading volume of up to $2.05 billion. Directly behind it, at $1.5 billion, was the Coinbase Exchange. This is the first time the cryptocurrency exchange has outperformed Coinbase.
According to data provided by CoinGecko, HTX currently generates easily $2.4 billion worth of spot trading volume per day, placing it as the fourth largest cryptocurrency exchange globally, after Binance, Bybit, OKX, and Gate.io. In terms of spot trading volumes of about $2 billion, Coinbase lags behind HTX and Bitrue Exchange.
The drop in Coinbase's exchange volume rankings is associated with the company's ongoing legal troubles in the US. The US Securities and Exchange Commission (SEC) filed a lawsuit alleging securities violations against the company in June 2023. Additionally, in March 2024, a US court's decision denied the exchange's motion to dismiss the SEC's allegations, which allowed the regulator to continue with the lawsuit.
However, Coinbase did not have it all bad. In response to the SEC's allegations that the cryptocurrency exchange engages in unregistered broker activity by allowing customers to use its wallet application, the court granted the exchange's move to dismiss.
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