Coinbase trading volumes surpassed by HTX crypto exchange

HTX, a cryptocurrency trading platform formerly known as Huobi, has surpassed Coinbase in terms of spot trading volumes. Justin Sun, the founder of Tron and an adviser to HTX, announced on May 27 that the global HTX exchange has achieved higher spot trading volume than Coinbase for the first time. Sun stated that this is just the beginning and that HTX is poised for further growth. According to data from CoinGecko, HTX handles approximately $2.4 billion in spot trading volumes daily, making it the fourth-largest crypto exchange in the world. Coinbase, on the other hand, has around $2 billion in spot trading volumes and is trailing behind HTX and Bitrue exchange. The trading volume information provided by CoinGecko is consistent with data from CoinMarketCap. Cointelegraph reached out to HTX and Coinbase for comment on the changes in trading volumes but did not receive a response. Coinbase’s drop in exchange volume rankings comes as the company faces multiple legal challenges in the United States. Despite the ongoing legal battles, Coinbase filed a memorandum in support of its interlocutory appeal on May 24. HTX, previously known as Huobi, celebrated its 10th anniversary in September 2023 by rebranding to HTX. The name change sparked controversy in the crypto community, with some drawing parallels between HTX and the collapsed exchange FTX. However, HTX explained that the new name represents the combination of Huobi, Justin Sun’s Tron blockchain project, and the exchange itself.