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KuCoin Launches Thailand Platform Amid Regulatory Challenges

Coin WorldThursday, Apr 24, 2025 12:07 am ET

1min read

KuCoin, a prominent cryptocurrency exchange, is expanding its reach into Southeast Asia by entering the Thai market. The company announced on April 23 that it plans to launch a new crypto exchange platform in Thailand, offering a range of digital assets and related products. This move is part of KuCoin's strategy to provide localized solutions tailored to the Thai market, as stated by ERX chief executive Att Tongyai Asavanund.

KuCoin's entry into Thailand comes through the rebranding of ERX Company Ltd, Thailand’s first Securities and Exchange Commission-supervised digital token exchange. Effective April 22, ERX has been rebranded as KuCoin Thailand. The new platform will operate under ERX, which recently secured a crypto exchange license from the Thai financial regulator. Existing ERX users have been seamlessly migrated to the new KuCoin Thailand platform, and the KuCoin TH app is now available on both Android and iOS devices.

KuCoin is entering a competitive market in Thailand, where eight other companies are already licensed by the Thai SEC to operate as crypto and digital asset exchanges. These include WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online, and Orbix Trade. Among these, Bitkub is the largest player, with a significant market presence. Despite the competition, KuCoin's global platform claims to have a substantial daily trading volume, indicating its potential to make a significant impact in the Thai market.

Thailand has been actively exploring the potential of cryptocurrencies. In January, the Thai government announced a pilot program allowing tourists to pay using Bitcoin in a controlled environment on the holiday island of Phuket. However, the program has yet to be launched. While crypto trading remains popular in Thailand, the use of crypto assets for payments was prohibited by the central bank in 2022. Additionally, in early April, Thai finance regulators intensified their crackdown on foreign peer-to-peer crypto platforms to combat scams and money laundering.

KuCoin's expansion into Thailand comes at a time when the company is also dealing with regulatory challenges in the United States. The exchange is currently seeking a settlement with the US Commodity Futures Trading Commission after being sued under the previous administration in March 2024 for violating the Commodity Exchange Act. Despite these challenges, KuCoin's entry into the Thai market demonstrates its commitment to expanding its global footprint and providing localized solutions to meet the growing demand for cryptocurrency services in the region.

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