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Highlights
- HTX Global has surpassed Coinbase in trading volume
- The Justin Sun exchange recorded over $2 billion in daily volume
- The Coinbase legal challenges might have contributed to this flip
TRON founder Justin Sun took to X to announce that American cryptocurrency exchange Coinbase now has a new tough competitor HTX Global.
HTX Marks New Milestone
In his X post, Sun identified HTX Global’s meteoric rise in trading volume, stating that it surpassed that of Coinbase. Precisely, the chart showed that HTX Global registered up to $2.05 billion in spot trading volume in 24 hours. It was followed directly by Coinbase exchange at $1.5 billion. This is the first time the crypto exchange is experiencing such a surge ahead on the popular Brian Armstrong-led firm.
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
HTX cryptocurrency exchange was surpassed only by OKX and Bybit which had $2.6 billion and $3.8 billion respectively. The significant milestone may be a function of the ongoing numerous activities on the platform. About two months ago, HTX announced a philanthropic gesture, pledging to donate all Slerf trading revenue on HTX Global to compensate private sale participants and contribute to Slerf’s trading fee mining on HTX.
It is worthy of note that this platform has been outperforming its counterparts for the last couple of months. Sun is a global advisor with the protocol but many crypto enthusiasts do not think that he engages with HTX as much as he should.
In February, Sun decided to reveal his holdings with HTX exchange in a bid to dispel misconceptions that suggests his infrequent use of the platform. The TRON founder’s relationship with HTX transcends his time at Huobi, the notable cryptocurrency exchange that was eventually rebranded to HTX.
Coinbase Face Regulatory Hurdles
On the other hand, Coinbase is currently caught in between multiple regulatory issues. Its lawsuit with the United States Securities and Exchange Commission (SEC) is still ongoing. Last week, the regulator and the exchange jointly filed a motion with the Southern District of New York, seeking an order to seal certain confidential information.
Judge Katherine Polk Failla received the joint motion to seal documents. In the filing, both parties explained the rationale behind the request for non-disclosure of some documents. Most of the content in the document are detailed financial operations, internal compliance measures, and the strategic business plans.
Also, the U.S. Supreme Court recently ruled against Coinbase regarding a dispute related to the $1.2 million Dogecoin sweepstakes in 2021. All of these events may have contributed to the negligible increase in its spot trading volume.
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