Crypto.com’s trading activity has surged dramatically, putting it ahead of Coinbase in North America’s crypto exchange rankings.
Monthly spot trading on the platform leapt from $34 billion in July to $134 billion by September, capturing 73% of North America’s total crypto trading volume that month, according to data from The Block.
While Coinbase handled $46 billion in September, Crypto.com is maintaining its lead with $112 billion so far in October, dwarfing Kraken, which managed under $10 billion.
One reason behind this spike is Crypto.com’s expansive token selection, with over 378 options. This wide offering ranges from popular tokens like Bitcoin and Ethereum to memecoins and niche ecosystem tokens, appealing to diverse traders. In comparison, Coinbase and Kraken each list fewer than 290 tokens, making Crypto.com an attractive option for traders seeking variety.
BTC and ETH remain dominant on the platform, accounting for over 85% of its trading, largely through Tether’s USDT and U.S. dollar pairs, per CoinGecko data. The exchange also benefits from high engagement during U.S. trading hours, with Kaiko Research showing that 26% of its web traffic originates from the United States.
The surge may also be tied to increased interest in crypto ETFs this year, with market liquidity keeping up with volumes. BTC trade sizes on Crypto.com have tripled year-to-date, coinciding with the closure of Cboe’s spot crypto division, which may have sent more traders to Crypto.com.
This success, however, comes amid regulatory challenges. Earlier this month, Crypto.com filed a lawsuit against the U.S. SEC, challenging what it described as the agency’s “unauthorized overreach and unlawful rulemaking,” after receiving a Wells notice.
Crypto.com’s co-founder and CEO, Kris Marszalek, The company claims the SEC’s actions represent “unauthorized and unjust regulation” and is hopeful that future U.S. administrations will adopt a more constructive approach toward cryptocurrency.
Recent legal victories in the cryptocurrency industry have set important precedents, offering hope for Crypto.com. In August 2024, Grayscale Investments won a pivotal case against the SEC, which allowed the firm to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).
Another ruling came in July 2023 when a court determined that XRP was not a security when sold on digital asset exchanges. This decision restored XRP’s presence on global exchanges, which previously delisted the token due to regulatory concerns.
