World Crypto Global
- Written by: Tareq Sikder
- Tue, 28 May 2024
- Israel
Cryptocurrency trading platform HTX, formerly known asHuobi, has surpassed the United States-based exchange Coinbase in terms of spottrading volumes. Tron founder Justin Sun, who serves as an adviser to HTX andholds substantial assets on the platform, announced on May 27 that HTX hadoutpaced Coinbase in spot trading volume for the first time. Emerging as the Fourth-Largest Crypto ExchangeAccording to CoinGecko data, HTX currently facilitatesapproximately $2.4 billion in spot trading volumes daily, securing its positionas the fourth-largest crypto exchange globally, following Binance, Bybit, OKX,and Gate.io. In contrast, Coinbase trails behind HTX and Bitrue exchange, withapproximately $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 (@justinsuntron) May 27, 2024This is just the beginning, and we are just gettingstarted, said Sun.HTX SURGES PAST COINBASE FOR SPOT TRADING VOLUMEThis 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, 2024Coinbase Faces Regulatory ChallengesCoinbase's decline in exchange volume rankings coincideswith ongoing legal challenges in the United States. The company has beenembroiled in a securities violation lawsuit filed by the US Securities andExchange Commission (SEC) in June 2023. Despite Coinbase's efforts to defendits case, a US court's decision in March 2024 denied the exchange's motion todismiss the SEC's allegations, allowing the regulator to proceed with itslawsuit. The SEC accuses Coinbase of operating as an unregistered exchange,broker, and clearing agency.On May 24, Coinbase submitted a memorandum supporting its interlocutoryappeal, aiming to challenge a pivotal ruling in the ongoing legal battle.This article was written by Tareq Sikder at www.financemagnates.com.
