HTX, a cryptocurrency trading platform, has achieved a significant milestone by surpassing its competitor Coinbase in daily trading volume for the first time.

TRON founder Justin Sun made the announcement on a platform, highlighting HTX Global as a formidable new competitor to the American cryptocurrency exchange Coinbase.

HTX's Remarkable Achievement

In his announcement, Sun emphasized HTX Global's remarkable surge in trading volume, surpassing that of Coinbase. The data revealed that HTX Global recorded a substantial $2.05 billion in spot trading volume within 24 hours, outpacing Coinbase, which stood at $1.5 billion. This marks a notable shift in the crypto exchange landscape, with HTX leading ahead of the well-known Brian Armstrong-led firm.

HTX's trading volume placed it behind only OKX and Bybit, with $2.6 billion and $3.8 billion respectively. This achievement could be attributed to the platform's recent activities, including a philanthropic initiative announced two months ago. HTX pledged to donate all Slerf trading revenue on HTX Global to compensate private sale participants and support Slerf's trading fee mining on the platform.

It is worth noting that HTX has been consistently outperforming its competitors in recent months, showcasing its growing prominence in the crypto market. While Sun serves as a global advisor to the protocol, some observers believe he could further engage with HTX to leverage its potential fully.

Coinbase Faces Regulatory Challenges

In contrast, Coinbase is currently grappling with various regulatory hurdles, including an ongoing lawsuit with the United States Securities and Exchange Commission (SEC). Recently, both the regulator and the exchange filed a joint motion with the Southern District of New York to seal certain confidential information related to the case.

Judge Katherine Polk Failla received the motion to seal documents, with the parties citing the sensitive nature of the financial operations, internal compliance measures, and strategic business plans contained in the documents. Additionally, Coinbase faced a setback when the U.S. Supreme Court ruled against it in a dispute concerning a $1.2 million Dogecoin sweepstakes in 2021. These regulatory challenges may have contributed to the marginal increase in its spot trading volume.