Cryptocurrency change 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 new trading platform in the country 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 just lately secured a crypto change license from Thai regulators.
KuCoin Thailand Begins With Present Person Base
All present ERX customers have been moved to the new KuCoin Thailand system. The corporate has additionally rolled out the KuCoin TH app for Android and iOS customers. In a press release, ERX CEO Att Tongyai Asavanund mentioned the aim is to supply crypto companies which might be higher suited to native customers.
Thailand is without doubt one of the extra energetic international locations in Southeast Asia in relation to crypto buying and selling. Regardless of a nationwide ban on utilizing crypto for funds, buying and selling exercise has remained sturdy. Nevertheless, the crypto change shall be coming into a market that already has a number of well-established gamers.
BREAKING🚨 KUCOIN LAUNCHES IN THAILAND’S CRYPTO SCENE!
The change 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 response to the Thai SEC, there at the moment are 9 corporations licensed to operate 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 change in Thailand by buying and selling quantity. It processes about $70 million in trades per day, based mostly on knowledge from CoinGecko. For comparability, KuCoin’s world platform experiences $3.8 billion in each day quantity, making it one of many bigger exchanges worldwide. However competing regionally will take greater than dimension.
Thailand’s Guidelines Stay Tight On Crypto Use
Crypto stays a sizzling 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 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 cut back scams and battle cash laundering. That might imply extra scrutiny for brand spanking new platforms, even ones which might be licensed.
KuCoin Nonetheless Dealing With Authorized Points In The US
Whereas increasing into Thailand, KuCoin can be dealing with authorized hassle 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 usually face stress from a number of sides.
Featured picture from Reuters, chart from TradingView
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