The popular cryptocurrency exchange Crypto.com has now overtaken Coinbase, becoming the largest U.S. crypto trading platform by transaction volume. Monthly trading volume on Crypto.com surged to $134 billion in September, up from just $34 billion in July, according to data from The Block.
In September, total trading volume on North American exchanges hit $183 billion, with Coinbase contributing only $46 billion to that figure. Crypto.com had already moved into second place back in July and has maintained its lead over Coinbase since. So far in October, Crypto.com has recorded a trading volume of $112 billion out of the total $173 billion transacted across U.S. platforms.
One factor contributing to Crypto.com’s popularity is its extensive token offerings. Crypto.com lists more than 378 assets, ranging from big names like Bitcoin (BTC) and Ethereum (ETH) to niche tokens like Book of Meme (BOME), and ecosystem-specific tokens like JUP and deBridge from the Jupiter network. By comparison, Coinbase and Kraken (which ranks third) offer fewer than 290 tokens each.
Bitcoin and Ethereum dominate Crypto.com’s trading volume, making up over 85% of its transaction activity in USDT stablecoin pairs and other USD trading pairs, according to CoinGecko data.
Matthew Sigel, Head of Digital Asset Research at VanEck, commented in a post on X (formerly Twitter) in September that the “average BTC trade size on Crypto.com has tripled since the start of the year.” He attributes this increase to a reduction in U.S. competitors after Cboe Global Markets closed its crypto spot division.
"Liquidity has kept up with trading volumes, suggesting market makers are also becoming more active on the platform," Sigel noted.
At the same time, this volume spike comes amid legal tensions for Crypto.com. Earlier this month, the exchange filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) to “protect the future of crypto in the U.S.” after receiving a Wells notice from the SEC's team.
Crypto.com CEO Kris Marszalek stated the action aims to curb “unauthorized overreach and illegal regulation” by the SEC.