Cryptocurrency alternate KuCoin is shifting deeper into Southeast Asia with a recent push into Thailand. Based mostly on an announcement dated April 23, KuCoin is launching a brand new buying and selling platform within the nation by rebranding ERX Firm Ltd, which was beforehand working underneath Thailand’s Securities and Trade Fee (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 alternate license from Thai regulators.
KuCoin Thailand Begins With Present Person Base
All present ERX customers have been moved to the brand new KuCoin Thailand system. The corporate has additionally rolled out the KuCoin TH app for Android and iOS customers. In an announcement, ERX CEO Att Tongyai Asavanund stated the objective is to supply crypto companies which might be higher suited to native customers.
Thailand is among the extra lively nations in Southeast Asia in terms of crypto buying and selling. Regardless of a nationwide ban on utilizing crypto for funds, buying and selling exercise has remained robust. Nonetheless, the crypto alternate 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 alternate 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
In response to the Thai SEC, there are actually 9 firms licensed to function crypto exchanges within the nation, together with KuCoin. Others on the checklist embody Bitkub On-line, Gulf Binance, Upbit Trade, and WAAN Trade.
Bitkub is the highest alternate in Thailand by buying and selling quantity. It processes about $70 million in trades per day, primarily based on information from CoinGecko. For comparability, KuCoin’s world platform studies $3.8 billion in day by day quantity, making it one of many bigger exchanges worldwide. However competing domestically will take greater than dimension.
Thailand’s Guidelines Stay Tight On Crypto Use
Crypto stays a scorching subject in Thailand, however guidelines round how it may be used are strict. The Financial institution of Thailand banned using digital belongings for funds again in 2022. Buying and selling is allowed, however rules have gotten harder in current 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 cut back scams and battle cash laundering. That would imply extra scrutiny for brand new platforms, even ones which might be licensed.
KuCoin Nonetheless Dealing With Authorized Points In The US
Whereas increasing into Thailand, KuCoin can also be dealing with authorized bother elsewhere. In March 2024, the US Commodity Futures Buying and selling Fee (CFTC) filed a lawsuit towards the corporate. The case is tied to alleged violations of the Commodity Trade Act.
KuCoin is now working towards a settlement with US regulators. Though that scenario 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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