KuCoin Expands Its Operations into Thailand’s Cryptocurrency Market

KuCoin is expanding into the Thai cryptocurrency market through its rebranded platform, KuCoin Thailand, as announced on April 23. ERX Company Ltd has transitioned to KuCoin Thailand, bolstered by a regulatory license. Despite entering a competitive market, KuCoin aims to localise its offerings. Recent regulations and enforcement actions highlight the evolving landscape of crypto in Thailand, alongside pending legal issues with US regulators.

KuCoin, a prominent cryptocurrency exchange, is expanding its operations into Southeast Asia, specifically targeting the Thai market. As announced on April 23, the exchange will provide a platform for digital assets and related products in Thailand. ERX Company Ltd, previously Thailand’s first SEC-supervised digital token exchange, has officially rebranded to KuCoin Thailand as of April 22, signalling this expansion.

The new KuCoin Thailand exchange will function under the ERX brand, which has recently gained a crypto exchange licence from the Thai financial regulatory authority. ERX’s CEO, Att Tongyai Asavanund, stated, “We’re strengthening our ability to offer localized solutions tailored to the Thai market.” Existing users from the ERX platform are now integrated into the new KuCoin Thailand platform, and the KuCoin TH app is accessible on both Android and iOS devices.

KuCoin’s entry into the Thai market is marked by intense competition, with eight other licensed platforms by the Thai SEC—namely WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online, and Orbix Trade. Notably, Bitkub dominates the market with approximately $70 million in daily trading volume, while KuCoin’s global platform boasts a significantly larger volume of around $3.8 billion.

Additionally, the Thai government previously unveiled plans in January for a pilot programme that would allow tourists to use Bitcoin (BTC) for payments in a controlled setting on Phuket. However, this initiative is still pending implementation. Despite the enthusiasm for crypto trading in Thailand, the central bank prohibited the use of cryptocurrencies for payments in 2022.

In early April, Thai financial regulators intensified their scrutiny of foreign peer-to-peer crypto platforms to address concerns related to scams and money laundering. Furthermore, KuCoin is navigating ongoing legal challenges, seeking to resolve issues with the US Commodity Futures Trading Commission after being sued for allegedly breaching the Commodity Exchange Act in March 2024.