HTX overtakes Coinbase in daily spot trading volume

What’s new? Crypto exchange HTX (Formerly Huobi) has for the first time overtaken US platform Coinbase in daily spot trading volume with over $1,8 billion. Its head and TRON blockchain founder Justin Sun reported, citing data from aggregator CoinGecko on May 27. “This is just the beginning,” Sun noted in his X account.

Source: x.com

What else is known? As of May 28, HTX ranks third among centralized exchanges (CEXs) in spot trading volume with $2,2 billion, behind only Binance and OKX. Coinbase is in fourth place.

In September 2023, Justin Sun’s exchange celebrated its 10-year anniversary by changing its name from Huobi to the acronym HTX, combining the earlier Huobi name, the TRON blockchain and the acronym for exchanges in English.

The move was received controversially as the new name echoes the bankrupt November 2022 FTX exchange, whose founder Sam Bankman-Fried later received a 25-year prison sentence in the United States for an $8 billion fraud.

In November 2023, HTX and Justin Sun’s other exchange, Poloniex, were hacked for a total of over $210 million, after which the businessman announced airdrop among users of both platforms.

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In March, HTX donated revenues from fees for trading the Solana-based meme token SLERF to the project creator when the latter mistakenly burned all the tokens intended for the liquidity pool and airdrop. After its launch, SLERF became one of the largest meme tokens, but has now fallen to 31st place in the ranking of similar assets by market capitalization.

Coinbase’s rating has fallen amid ongoing proceedings with the US Securities and Exchange Commission (SEC). Last June, the regulator accused the exchange of unregistered offerings of securities; it included several cryptocurrencies in that category.

In March, the court denied Coinbase’s motion to dismiss the proceedings. Also as part of it, the SEC rejected the exchange’s request to create clear rules for the crypto industry.

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As for the TRON blockchain, experts claim that it is growing in popularity for criminal activities, facilitated by its high speed and low fees.

According to analysts at TRM Labs, Tether’s USDT stablecoin, issued on the TRON blockchain, “cemented its position as the currency of choice for use by terrorist financing entities.” In addition to TRON, USDT supports more than a dozen blockchains.

According to analyst Colin Wu, spot trading volume on HTX grew by 86% in March, while the futures market saw a 96% increase. The exchange’s website traffic grew by 37%, with the main traffic coming from China, France, and Kazakhstan.