Cryptocurrency exchange KuCoin is deepening its presence in Southeast Asia by launching a dedicated platform in Thailand, aiming to tap into the country’s expanding digital asset market.
According to a 23 April 2025 announcement, KuCoin will operate in Thailand through ERX Company Ltd, the nation’s first Securities and Exchange Commission (SEC)-regulated digital token exchange.
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ERX Rebrands as KuCoin Thailand After Securing Crypto Exchange License
ERX has officially rebranded as KuCoin Thailand as of April 22, following the recent approval of its crypto exchange license from Thai financial authorities.
“We’re strengthening our ability to offer localized solutions tailored to the Thai market,” said ERX CEO Att Tongyai Asavanund. Existing ERX users have already been migrated to the new platform, with the KuCoin Thailand app now available on both Android and iOS devices.
KuCoin enters a competitive landscape, joining eight other exchanges licensed by the Thai SEC.
Major players include Bitkub, Thailand’s leading exchange with a daily trading volume of approximately $70 million, alongside platforms like Upbit, Gulf Binance, and Thai Digital Assets Exchange.
In comparison, KuCoin’s global operations boast a daily trading volume of $3.8 billion, according to CoinGecko.
Thailand continues to be a hub for crypto enthusiasm despite regulatory hurdles. While trading digital assets remains popular, the use of cryptocurrencies for payments has been banned by the central bank since 2022.
THAILAND’S FINANCIAL HUB BLUEPRINT “Here in Thailand we are integrating future focused regulations into the bill…”
“- this including streamlined licensing for digital finance operators.”
Things are moving quick in Thailand…
Excited to see what comes for $VELO &… pic.twitter.com/eygo4kv2EH
— Luke – The Deeper Dive (@lukeTDD) March 18, 2025
Earlier this year, the Thai government proposed a pilot allowing tourists to use Bitcoin for payments in Phuket, though the initiative has yet to launch.
Meanwhile, Thai regulators have increased scrutiny on foreign peer-to-peer crypto platforms to combat fraud and money laundering.
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KuCoin Strives to Resolve Legal Issues
KuCoin’s expansion comes as the exchange works to resolve legal issues with the U.S. Commodity Futures Trading Commission (CFTC), which sued the platform in March 2024 for alleged violations of the Commodity Exchange Act under the previous U.S. administration.
Earlier this year, the exchange pleaded guilty to operating an unlicensed money-transmitting business in the United States.
As part of a settlement with US authorities, KuCoin agreed to pay nearly $300 million and will exit the US market for the next two years. The exchange’s founders, Michael Gan and Eric Tang, have also been forced to resign as part of the deal.
The settlement also required KuCoin to forfeit $184.5 million and pay an additional $112.9 million fine.
KuCoin founders Gan and Tang were also required to forfeit $2.7 million and agreed to step away from all management and operational roles within KuCoin. The company, officially known as PEKEN Global Limited, entered its guilty plea in a Manhattan federal court.
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Key Takeaways
- KuCoin has rebranded ERX as KuCoin Thailand to expand its presence in Southeast Asia’s growing crypto market.
- The exchange enters a competitive Thai market while regulators maintain strict controls on crypto payments and foreign platforms.
- KuCoin is finalizing a $300 million settlement with U.S. authorities after pleading guilty to operating an unlicensed money-transmitting business.
The post KuCoin Expands Into Southeast Asia With Focus On Thailand’s Growing Crypto Market appeared first on 99Bitcoins.
