Cryptocurrency trade KuCoin is shifting deeper into Southeast Asia with a recent push into Thailand. Based on an announcement dated April 23, KuCoin is launching a new trading platform in the country by rebranding ERX Company Ltd, which was beforehand working underneath Thailand’s Securities and Exchange Commission (SEC).
KuCoin Thailand is now reside, and the rebranding grew to become official on April 22. The platform will proceed to function underneath ERX, which lately secured a crypto trade license from Thai regulators.
KuCoin Thailand Begins With Existing User Base
All current ERX customers have been moved to the new KuCoin Thailand system. The firm has additionally rolled out the KuCoin TH app for Android and iOS customers. In a press release, ERX CEO Att Tongyai Asavanund mentioned the purpose is to supply crypto companies which might be higher suited to native customers.
Thailand is likely one of the extra lively international locations in Southeast Asia in the case of crypto buying and selling. Despite a nationwide ban on utilizing crypto for funds, buying and selling exercise has remained robust. However, the crypto trade will probably be coming into a market that already has a number of well-established gamers.
BREAKING🚨 KUCOIN LAUNCHES IN THAILAND’S CRYPTO SCENE!
The trade will function underneath ERX, Thailand’s pioneering sec-regulated digital token platform, now rebranded as Kucoin Thailand! pic.twitter.com/rr8RvNMAn6
— CryptoSavingExpert ® (@CryptoSavingExp) April 24, 2025
Thailand’s Crypto Market Is Already Crowded
According to the Thai SEC, there at the moment are 9 firms licensed to operate crypto exchanges within the nation, together with KuCoin. Others on the record embody Bitkub Online, Gulf Binance, Upbit Exchange, and WAAN Exchange.
Bitkub is the highest trade in Thailand by buying and selling quantity. It processes about $70 million in trades per day, based mostly on information from CoinGecko. For comparability, KuCoin’s international platform studies $3.8 billion in day by day quantity, making it one of many bigger exchanges worldwide. But competing regionally will take greater than dimension.
Thailand’s Rules Remain Tight On Crypto Use
Crypto stays a sizzling subject in Thailand, however guidelines round how it may be used are strict. The Bank of Thailand banned using digital belongings for funds again in 2022. Trading is allowed, however laws have gotten more durable in latest months.
Earlier in April, Thai regulators cracked down on peer-to-peer crypto companies operated from overseas. The transfer was a part of an effort to scale back scams and struggle cash laundering. That may imply extra scrutiny for brand new platforms, even ones which might be licensed.
KuCoin Still Dealing With Legal Issues In The US
While increasing into Thailand, KuCoin can also be dealing with authorized hassle elsewhere. In March 2024, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit towards the corporate. The case is tied to alleged violations of the Commodity Exchange Act.
KuCoin is now working towards a settlement with US regulators. Although that state of affairs is separate from its plans in Thailand, it’s a reminder that crypto exchanges typically face stress from a number of sides.
Featured picture from Reuters, chart from TradingView
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