HTX Surpasses Coinbase in Spot Trading Volume for the First Time: Data

In a shift within the cryptocurrency exchange landscape, HTX has surpassed Coinbase in spot trading volumes for the first time.

The milestone was announced by Justin Sun, founder of the TRON blockchain and global advisor to HTX, via a post on social media platform X on May 27.

Sun declares it's “just the beginning”

Sun marked this milestone, confirming that HTX has surpassed Coinbase in spot trading volume for the first time. He expressed his confidence in the path, stressing that this achievement represents only the early stages of the platform’s growth.

for the first time, @HTX_Global Has a spot trading volume greater than @coinbase. This is just the beginning, and we are just getting started. 🫡 pic.twitter.com/VeYHFCviHy

– His Excellency Justin Sun Sun Yuchen (@justinsuntron) May 27, 2024

Based on CoinGecko DataHTX currently manages approximately $2.4 billion in daily spot trading volumes, cementing its position as one of the largest cryptocurrency exchanges in the world, trailing only Binance, Bybit, OKX, and Gate.io.

Coinbase, a leading US-based exchange, oversees nearly $2 billion in daily spot trading volumes, placing it behind HTX and Bitrue.

HTX, formerly known as Huobi, is one of the oldest and largest cryptocurrency exchanges worldwide. In September 2023, the platform was rebranded as HTX to celebrate its 10th anniversary.

Two months ago, HTX made headlines by pledging to donate all Slerf trading revenues to HTX Global. This charitable initiative aims to compensate participants in private sales and support Slerf's trading fee mining on HTX.

My personal HTX account balance (just for those saying I don't use HTX much) @HTX_Global pic.twitter.com/TtbiDWHLRZ

– His Excellency Justin Sun Sun Yuchen (@justinsuntron) February 27, 2024

Meanwhile, Justin Sun's active involvement with HTX has been a topic of discussion in the cryptocurrency community. He recently revealed his personal holdings of the HTX portfolio on

Legal challenges facing Coinbase

Coinbase's drop in exchange volume rankings comes amid the company dealing with several legal challenges in the United States.

In June 2023, the US Securities and Exchange Commission (SEC) sued Coinbase for securities violations. The lawsuit alleges that the company operates as an unregistered exchange, broker and clearing agency.

Despite a motion to dismiss the case being denied in March 2024, Coinbase continues to struggle to prove its point. On May 24, the exchange filed a brief supporting its interlocutory appeal, seeking to challenge a specific ruling in the ongoing case.

The US Supreme Court also recently ruled against Coinbase in a dispute related to a $1.2 million Dogecoin sweepstakes from 2021. These legal hurdles have likely impacted the exchange's trading volumes, providing HTX with an opportunity to move up the rankings.