Cryptocurrency exchange KuCoin is moving deeper into Southeast Asia with a fresh push into Thailand. Based on an announcement dated April 23, KuCoin is launching a new trading platform in the country by rebranding ERX Company Ltd, which was previously operating under Thailand’s Securities and Exchange Commission (SEC). KuCoin Thailand is now live, and the rebranding became official on April 22. The platform will continue to operate under ERX, which recently secured a crypto exchange license from Thai regulators. KuCoin Thailand Begins With Existing User Base All existing ERX users have been moved to the new KuCoin Thailand system. The company has also rolled out the KuCoin TH app for Android and iOS users. In a statement, ERX CEO Att Tongyai Asavanund said the goal is to offer crypto services that are better suited to local users. Thailand is one of the more active countries in Southeast Asia when it comes to crypto trading. Despite a nationwide ban on using crypto for payments, trading activity has remained strong. However, the crypto exchange will be entering a market that already has several well-established players. BREAKING KUCOIN LAUNCHES IN THAILAND’S CRYPTO SCENE! The exchange will operate under 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 According to the Thai SEC, there are now nine companies licensed to operate crypto exchanges in the country, including KuCoin. Others on the list include Bitkub Online, Gulf Binance, Upbit Exchange, and WAAN Exchange. Bitkub is the top exchange in Thailand by trading volume. It processes about $70 million in trades per day, based on data from CoinGecko. For 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 Tight On Crypto Use Crypto remains a hot topic in Thailand, but rules around how it can be used are strict. The Bank of Thailand banned the use of digital assets for payments back in 2022. Trading is allowed, but regulations have gotten tougher in recent months. Earlier in April, Thai regulators cracked down on peer-to-peer crypto services operated from abroad. The move was part of an effort to reduce scams and fight money laundering. That could mean more scrutiny for new platforms, even ones that are licensed. KuCoin Still Dealing With Legal Issues In The US While expanding into Thailand, KuCoin is also handling legal trouble elsewhere. In March 2024, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the company. The case is tied to alleged violations of the Commodity Exchange Act. KuCoin is now working toward a settlement with US regulators. Although that situation is separate from its plans in Thailand, it’s a reminder that crypto exchanges often face pressure from multiple sides. Featured image from Reuters, chart from TradingView
