Cryptocurrency alternate KuCoin is shifting deeper into Southeast Asia with a recent push into Thailand. Primarily based 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 beneath Thailand’s Securities and Alternate Fee (SEC).
KuCoin Thailand is now reside, and the rebranding turned official on April 22. The platform will proceed to function beneath ERX, which not too long ago 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 providers which can be higher suited to native customers.
Thailand is among the extra lively nations in Southeast Asia in the case of crypto buying and selling. Regardless of a nationwide ban on utilizing crypto for funds, buying and selling exercise has remained sturdy. Nevertheless, the crypto alternate shall be getting into a market that already has a number of well-established gamers.
BREAKING🚨 KUCOIN LAUNCHES IN THAILAND’S CRYPTO SCENE!
The alternate will function beneath 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 accordance with the Thai SEC, there at the moment are 9 firms licensed to function crypto exchanges within the nation, together with KuCoin. Others on the listing embrace Bitkub On-line, Gulf Binance, Upbit Alternate, and WAAN Alternate.
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 international platform studies $3.8 billion in each day quantity, making it one of many bigger exchanges worldwide. However competing regionally will take greater than measurement.
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 property for funds again in 2022. Buying and selling is allowed, however rules have gotten more durable in current months.
Earlier in April, Thai regulators cracked down on peer-to-peer crypto providers operated from overseas. The transfer was a part of an effort to cut back scams and battle cash laundering. That might imply extra scrutiny for brand spanking new platforms, even ones which can be licensed.
KuCoin Nonetheless Dealing With Authorized Points In The US
Whereas increasing into Thailand, KuCoin can be dealing with authorized bother elsewhere. In March 2024, the US Commodity Futures Buying and selling Fee (CFTC) filed a lawsuit in opposition to the corporate. The case is tied to alleged violations of the Commodity Alternate Act.
KuCoin is now working towards a settlement with US regulators. Though 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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