HTX Overtakes Coinbase in Daily Trading Volumes Amid Legal Challenges
Summary:
HTX, formerly known as Huobi, has surpassed US-based Coinbase in daily trading volumes, placing it fourth globally according to CoinGecko data. Coinbase, facing multiple legal battles in the US, has seen a drop in rankings. Meanwhile, HTX witnessed its 10th anniversary in 2023, marking the milestone with a name change that's stirred controversy within the crypto community.
Cryptocurrency marketplace HTX, previously known as Huobi, surpassed US-based Coinbase in daily trading volumes. Justin Sun, Tron's founder, holds substantial assets in HTX and acts as an adviser to the platform. On May 27, he shared on 'X' that HTX saw more spot trading volume than Coinbase for the first time. He emphasized that this milestone is just the beginning of their journey. CoinGecko's cryptocurrency data confirms this by showing that HTX deals approximately $2.4 billion in daily spot trades, ranking fourth globally, following Binance, Bybit, OKX, and Gate.io. Meanwhile, Coinbase trails behind HTX and Bitrue, with a daily trading volume close to $2 billion. Matching data is also provided by CoinMarketCap. Both HTX and Coinbase, when asked about the shift in trading volumes, did not respond.
Coinbase's exchange volume ranks have slipped while legal battles ensue in the United States. After a securities violation lawsuit placed by the US Securities and Exchange Commission (SEC) in June 2023, Coinbase has been defending itself continually. In March 2024, a US court rejected Coinbase's move to dismiss the case, allowing the SEC to continue with its lawsuit which alleges Coinbase works as an unregistered exchange, broker, and clearing agency. On May 24, Coinbase backed its interlocutory appeal with a memorandum, aiming to dispute a single ruling in the ongoing lawsuit.
On a related note, HTX, one of the oldest and largest cryptocurrency marketplaces globally, underwent a name change from Huobi to HTX during its 10th anniversary in September 2023. This switch has been seen as quite contentious by many within the cryptocurrency community, drawing comparisons between Huobi’s HTX name and the fallen FTX exchange. For HTX, “H” represents Huobi, “T” stands for Sun’s blockchain project, Tron, and, “X” symbolizes the exchange.
Published At
5/28/2024 12:36:51 PM
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