Cryptocurrency trading platform HTX, formerly known as Huobi, has surpassed the United States-based exchange Coinbase in terms of spot trading volumes.

Tron founder Justin Sun, who serves as an adviser to HTX and holds substantial assets on the platform, announced on May 27 that HTX had outpaced Coinbase in spot trading volume for the first time.

Emerging as the Fourth-Largest Crypto Exchange

According to CoinGecko data, HTX currently facilitates approximately $2.4 billion in spot trading volumes daily, securing its position as the fourth-largest crypto exchange globally, following Binance, Bybit, OKX, and Gate.io. In contrast, Coinbase trails behind HTX and Bitrue exchange, with approximately $2 billion in spot trading volumes.

For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started. 🫡 pic.twitter.com/VeYHFCviHy

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024

“This is just the beginning, and we are just getting started,” said Sun.

HTX SURGES PAST COINBASE FOR SPOT TRADING VOLUME

“This is just the beginning, and we are just getting started”

- As announced by $TRX founder, @justinsuntron, the @HTX_Global exchange (for which he is an advisor) has, for the first time ever, flipped @Coinbase in terms of spot… https://t.co/ca8kjnW2s7 pic.twitter.com/3XhEMoA5uH

— BSCN (@BSCNews) May 28, 2024

Coinbase Faces Regulatory Challenges

Coinbase's decline in exchange volume rankings coincides with ongoing legal challenges in the United States. The company has been embroiled in a securities violation lawsuit filed by the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) in June 2023.

Despite Coinbase's efforts to defend its case, a US court's decision in March 2024 denied the exchange's motion to dismiss the SEC's allegations, allowing the regulator to proceed with its lawsuit. The SEC accuses Coinbase of operating as an unregistered exchange, broker, and clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term agency.

On May 24, Coinbase submitted a memorandum supporting its interlocutory appeal, aiming to challenge a pivotal ruling in the ongoing legal battle.