Cryptocurrency Exchange Kucoin moves deeper into Southeast Asia with a new push into Thailand. Based on an announcement dated April 23, Kucoin A launches New trading platform in the country by reclassifying ERX Company Ltd, which previously worked under Thailand’s Securities and Exchange Commission (SEC).
Kucoin Thailand is now live, and the reclassification became official on April 22. The platform will continue to work under ERX, which recently secured a cryptout exchange license from Thai regulatory authorities.
Kucoin Thailand starts with existing user base
All existing ERX users have been moved to Thai election Thailand system. The company has also rolled out the Kucoin app for Android and iOS users. In a statement, Erx’s CEO said that Tongyai Asavanund is that the goal is to offer crypto services that are better suited for local users.
Thailand is one of the more active countries in Southeast Asia when it comes to crypto trade. Despite a nationwide ban on using crypto for payments, trading activity has remained strong. However, the Crypto exchange will enter a market that already has several well-established players.
Breaking🚨 Kucoin launches in Thailand’s cryptoscene!
The exchange will work under ERX, Thailand’s groundbreaking Sec-regulated digital token platform, now reclassified as Kucoin Thailand! pic.twitter.com/rr8rvnman6
– Cryptosavingexpert ® (@cryptosavingexp) April 24 2025
Thailand’s crypto market is already crowded
According to Thai Sec there are now nine companies licensed to work Crypto exchange in the country, including Kucoin. Others on the list include bitkub online, Gulf Binance, Upbit Exchange and Waan Exchange.
Bitkub is the best exchange in Thailand by shopping for volume. It processes approximately $ 70 million in trade per day, based on data from Coytecko. By comparison, Kucoin’s global platform reports $ 3.8 billion in daily volume, making it one of the larger exchanges worldwide. But competing locally will take more than size.
Thailand’s rules remain frequent upon crypto use
Crypto is still a hot topic in Thailand, but rules on how it can be used are strict. Bank of Thailand prohibited the use of digital assets for payments back in 2022. Trade is allowed, but the regulations have become tougher in recent months.
Earlier in April, Thai supervisory authorities broke on peer-to-peer crypto services run from abroad. The move was part of an attempt to reduce fraud and fight money laundering. It can mean more review for new platforms, even those that are licensed.
Kucoin still handles legal issues in the United States
When he expands to Thailand, Kucoin also handles legal problems elsewhere. In March 2024, US Commodity Futures Trading Commission (CFTC) submitted a trial Against the company. The goal is bound to alleged violations of the Act on the exchange of raw materials.
Kucoin is now working on a settlement with US regulatory authorities. Although this situation is separated from its plans in Thailand, it is a reminder that cryptout changes often meet prints from several pages.
Image from Reuters, charts from TradingView
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