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.

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

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 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 agency.

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