HTX surpasses Coinbase in trading volumes, emerging as top crypto exchange.

HTX, previously known as Huobi, has surpassed Coinbase in spot trading volumes, according to Tron founder Justin Sun. Sun, who serves as an adviser to HTX and holds significant assets on the platform, made the announcement on May 27. He stated that HTX has overtaken Coinbase in spot trading volume for the first time, citing data from CoinGecko. At present, HTX handles approximately $2.4 billion in spot trading volumes daily and is ranked as the fourth-largest cryptocurrency exchange in the world. Coinbase trails behind HTX and Bitrue exchange, with around $2 billion in spot trading volumes. The trading data from CoinGecko is consistent with information from CoinMarketCap. HTX and Coinbase were contacted for comment on the changes in trading volumes, but no response was received at the time of publication. Coinbase’s decline in exchange volume rankings coincides with the company facing multiple legal challenges in the United States. After being sued by the U.S. Securities and Exchange Commission (SEC) in June 2023 for securities violations, Coinbase is still 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 continue pursuing its lawsuit, which alleges that Coinbase operates an unregistered exchange, broker, and clearing agency. On May 24, Coinbase filed a memorandum in support of its interlocutory appeal, seeking to oppose a single ruling in the ongoing case. HTX, one of the world’s largest and oldest cryptocurrency exchanges, rebranded from Huobi to HTX in September 2023, coinciding with its 10th anniversary. The rebranding was met with controversy in the crypto community, as some drew comparisons between Huobi’s new name and the collapsed exchange FTX. The new name, HTX, represents the first letter of Huobi, Sun’s blockchain project Tron, and the exchange itself.