Coinbase dethroned? HTX Claims Top Spot in Crypto Trading

The cryptocurrency exchange landscape is shifting, with Hong Kong-based HTX (formerly Huobi) making a significant leap. According to recent data, HTX has surpassed the well-established U.S. exchange Coinbase in terms of daily spot trading volume.

This development was announced on social media platform X by Tron founder Justin Sun, who also holds a large stake on the HTX exchange and serves as an advisor. Sun emphasized this as just the beginning for HTX, citing data from CoinGecko, a leading cryptocurrency aggregator website.

HTX Climbs the Ranks

Data from CoinGecko at the time of writing reveals that HTX currently processes around $2.4 billion in daily spot trading volume, ranking it as the fourth-largest crypto exchange globally. This puts HTX ahead of Coinbase, which is currently seeing roughly $2 billion in daily spot trading volume, placing it behind Bitrue exchange as well. CoinMarketCap, another major crypto data website, confirms this trend in trading volume for both exchanges.

Coinbase Faces Legal Battles

While HTX experiences a surge, Coinbase appears to be losing ground. This decline in trading volume rankings coincides with ongoing legal challenges the company faces within the United States. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase in June 2023, accusing them of violating securities laws. Coinbase has been battling this lawsuit ever since.

In March 2024, a U.S. court rejected Coinbase’s attempt to have the SEC’s case dismissed. This allows the SEC to continue pursuing its lawsuit, which claims Coinbase operates as an unregistered exchange, broker, and clearing agency. Coinbase recently filed a legal document in support of an appeal against a specific ruling within the ongoing case.

HTX Rebranding and Controversy

HTX, with a rich history as one of the world’s oldest cryptocurrency exchanges, celebrated its 10th anniversary in September 2023 with a significant rebranding move. The platform transitioned from Huobi to its current name, HTX. This rebranding sparked controversy within the crypto community, as some saw similarities between the new name (HTX) and the collapsed exchange FTX. The “H” in HTX represents Huobi, the “T” signifies Sun’s blockchain project Tron, and the “X” symbolizes the exchange itself.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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