Digital asset trading on Crypto.com has surged this year, resulting in the crypto exchange's volumes in North America exceeding those of Coinbase.

The monthly spot trading volume for Crypto.com escalated from $34 billion in July to $134 billion in September, according to data from The Block. In September, overall trading volumes on North American exchanges reached $183 billion, with Coinbase managing $46 billion.

Cryptocurrency monthly exchange volume (The Block)

Crypto.com overtook Coinbase in trading volume starting in July and maintains its lead through October, reporting $112 billion of October's total $173 billion in overall trading volume across exchanges in the region, as noted by The Block.

A contributing factor to Crypto.com's growth is its comprehensive token offerings, listing over 378 cryptocurrencies, while Coinbase and Kraken offer fewer than 290 each. Notably, Bitcoin and Ether trading comprise more than 85% of all trading activity on Crypto.com, primarily occurring across Tether's USDT stablecoin and U.S. dollar pairs according to CoinGecko.

Research by Kaiko shows that about 26% of the exchange's web traffic originates from the U.S., indicating significant user activity during U.S. trading hours.

A Citigroup report this month partially attributes Crypto.com’s dominance to the success of crypto ETFs in 2024. In an X post made in September, Matthew Sigel remarked that Crypto.com’s average BTC trade size has tripled year-to-date, coinciding with the shutdown of Cboe Global Markets' spot crypto division.

“This uptick in trading volumes suggests that liquidity is keeping pace, indicating that market makers are now more active on the platform,” Sigel stated.

However, Crypto.com is also facing legal challenges, having recently filed a lawsuit against the U.S. SEC to defend the future of the crypto industry in the nation, shortly after receiving a preliminary notice from SEC staff. CEO Kris Marszalek announced the lawsuit to curb the SEC's alleged unauthorized overreach.

For more insights, follow our coverage on these developments: Crypto.com, Coinbase, Market Data.