Coinbase’s spot trading volumes are approximately $2 billion, which is significantly lower than those of HTX and Bitrue exchange.
In terms of spot trading volumes, the cryptocurrency trading platform HTX (previously Huobi) has surpassed Coinbase (located in the US).
On May 27, Justin Sun, creator of Tron and HTX and owner of substantial assets on the exchange, went to X to declare that the worldwide HTX exchange has now overtaken Coinbase in terms of spot trading volume.
Sun said about the HTX and Coinbase data on the crypto data collector CoinGecko, “This is just the beginning, and we are just getting started.”
When it comes to daily spot trading volumes, HTX processes roughly $2.4 billion, placing it fourth in the world behind Binance, Bybit, OKX, and Gate.io, according to statistics from CoinGecko.
Coinbase’s spot trading volumes are approximately $2 billion, which is significantly lower than those of HTX and Bitrue exchange.
The HTX and Coinbase exchange data provided by CoinGecko aligns with the trade data provided by CoinMarketCap, another cryptocurrency website.
HTX and Coinbase were contacted by Cointelegraph for a comment on the fluctuations in their trading volumes; however, a response was not received at the time of publication.
Coinbase is now facing several legal problems in the US, which has caused a decline in its exchange volume rankings.
Even though the U.S. Securities and Exchange Commission (SEC) filed a complaint against Coinbase for a securities violation in June 2023, the company is still trying to establish its innocence.
The securities and exchange commission (SEC) is suing cryptocurrency exchange, broker, and clearinghouse Coinbase for running an unlicensed business after a U.S. judge rejected the exchange’s request to dismiss the case in March 2024.
Coinbase submitted a memorandum on May 24 to bolster its interlocutory appeal, which seeks to challenge a single decision in the continuing dispute.
One of the oldest and biggest cryptocurrency exchanges in the world, HTX, rebranded from Huobi to celebrate its tenth anniversary in September 2023.
Many in the cryptocurrency industry saw the shift as problematic since they saw similarities between Huobi’s new HTX moniker and the defunct FTX exchange. The initials “H” stand for Huobi, “T” for Sun’s blockchain project Tron, and “X” for the exchange in the rebranded name.
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