Cryptocurrency trade KuCoin is shifting deeper into Southeast Asia with a contemporary 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 below Thailand’s Securities and Change Fee (SEC).
KuCoin Thailand is now dwell, and the rebranding turned official on April 22. The platform will proceed to function below ERX, which lately secured a crypto trade license from Thai regulators.
KuCoin Thailand Begins With Present Person Base
All current 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 are higher suited to native customers.
Thailand is among the extra energetic nations in Southeast Asia on the subject 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 trade shall be coming into a market that already has a number of well-established gamers.
BREAKING🚨 KUCOIN LAUNCHES IN THAILAND’S CRYPTO SCENE!
The trade will function below 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
Based on the Thai SEC, there at the moment are 9 firms licensed to function crypto exchanges within the nation, together with KuCoin. Others on the checklist embrace Bitkub On-line, Gulf Binance, Upbit Change, and WAAN Change.
Bitkub is the highest trade in Thailand by buying and selling quantity. It processes about $70 million in trades per day, based mostly on information from CoinGecko. For comparability, KuCoin’s world platform studies $3.8 billion in each 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 matter in Thailand, however guidelines round how it may be used are strict. The Financial institution of Thailand banned the usage of digital property 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 scale back scams and battle cash laundering. That would imply extra scrutiny for brand spanking new platforms, even ones which are 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 towards the corporate. The case is tied to alleged violations of the Commodity Change 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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