Crypto.com Surpasses Coinbase in its Spot Trading Volume

Crypto.com is now the largest crypto trading platform in North America by spot volume amid growing competition

Digital currency trading platform Crypto.com has surpassed Coinbase in spot trading volume. According to data from The Block, Crypto.com’s trading volume jumped from $34 billion in July to $134 billion by September. 

Crypto.com and the Coinbase Performance Difference

This impressive growth is due to strategic decisions and the current state of the cryptocurrency market. Notably, the overall trading volume of the North American exchanges was $183 billion in September. Of this, Coinbase, the publicly traded company, saw $46 billion. 

According to a Citigroup report, the rise of crypto Exchange-Traded Funds (ETFs) has increased trading volumes on Crypto.com’s platform. This greater accessibility has attracted a wider range of investors, and Crypto.com is well-positioned to take advantage of this growing demand.

Crypto.com has expanded its services and focused on users’ needs, making the platform easier to use. The exchange has also invested in well-known marketing campaigns and sponsorships, partnering with major sports events and teams. These actions have bolstered the exchange’s visibility, especially in North America. It has led to more customers and increased trading volume.

While Coinbase is still a popular choice, Crypto.com’s rapid rise shows a change in the North American crypto exchange market. As competition heats up, both platforms might continue innovating to attract and keep users in the changing digital asset world. Recall that Coinbase has integrated the Bitcoin Lightning Network to drive user experience.

Crypto.com Seeks Judicial Intervention

While Crypto.com continues to attract investors and users, it has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). The lawsuit challenges the agency’s regulatory reach over cryptocurrency transactions. This suit followed the receipt of a Wells Notice, a formal warning issued by the SEC. This suggests a likely enforcement action against the exchange.

The lawsuit claimed that the SEC claims almost all crypto transactions are securities, regardless of how they are carried out. As such, Crypto.com seeks judicial intervention to halt the SEC’s actions. Likewise, the exchange contends that the agency has exceeded its legal authority and violated federal law.

Crypto.com hopes to prevent the SEC from imposing its regular crackdown on the platform by taking these steps.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.