You could say that Southeast Asia and KuCoin have become business partners. The region will play host to a new KuCoin platform dedicated to the Thai market. This strategic development is aimed towards tapping into Thailand’s nascent digital asset opportunities, which also indicates a new phase in KuCoin’s expansion plans.
A Strategic Alliance: KuCoin Thailand Soars
As part of the announcement made on April 23, 2025, Thailand was marked as the new operating region for KuCoin in association with ERX Company Ltd. The latter was noted as the first digital token exchange company that was licensed by the Thailand Securities and Exchange Commission (SEC).
As of April 22, ERX is officially renamed KuCoin Thailand after the Thai financial authorities granted it a crypto exchange license. The CEO of ERX, Att Tongyai Asavanund, expressed that “This brings additional versatility in the solutions we have to address the Thai market.” All ERX customers were moved to the new system to reduce operational friction, and they can now use the KuCoin Thailand app on both Google Play and the App Store.
“Navigating A Competitive Landscape: Major Players in Thailand”
KuCoin entered Thailand’s market alongside 8 other exchanges, which already have licensing from the Thai SEC. Leading players in the region, including Bitkub, which holds a market-leading position with around $70 million of daily trading volume, as well as Upbit, Gulf Binance, and Thai Digital Assets Exchange, have already established themselves in Thailand. Bitkub’s impressive trading volume reflects the strength of market players in Thailand. Meanwhile, KuCoin operates on a global scale with a reported $3.8 billion daily trading volume, according to CoinGecko. This further emphasizes not only its dominance but, most importantly, the potential for KuCoin to become a major player in Thailand.
The Current Situation Thailand Stands On Regarding Cryptocurrencies: Popular Yet Regulated
Recently, Thailand attempted to crack down on foreign p2p cryptocurrency platforms in a bid to combat fraud and laundering. Although these attempts help maintain the credibility of the digital currency landscape, Thailand continues facing challenges with regulating the cryptocurrency industry. Furthermore, Bitcoin usage will soon be allowed for payments to tourists on Phuket Island, as per a recent suggestion made by the Thai authority. This cites that the only popular tourist attraction on the island, which is yet to be regulated, will soon be put under the same rules as the rest of cryptocurrencies being regulated. While the core currency and law enforcement banks tend to keep a grip on the jurisdiction, the rest of Thai investors do enjoy buying and selling digital assets. Despite everything, the central bank issued an appropriate caveat stating that no payments will be authorized using these currencies.
Overcoming Legal Hurdles: KuCoin’s Strategy Moving Forward
Now, as the exchange attempts to mitigate its legal concerns with the U.S. Commodity Futures Trading Commission (CFTC), KuCoin’s expansion into Southeast Asia marks a pivotal moment for the exchange. The CFTC opened a lawsuit against KuCoin in March 2024, claiming enforcement of the Commodity Exchange Act during the preceding US administration. Earlier this year, KuCoin accepted guilt for running an unlicensed money-transmitting business in the United States. Per a settlement deal with American authorities, the exchange will pay almost $300 million and will vacate the US market for two years. In addition, KuCoin’s founders, Michael Gan and Eric Tang, have been forced to surrender their active management and operational positions within the company and pay back $2.7 million as part of the settlement. Although these legal battles in the US are becoming the focal point for many, KuCoin’s enthusiasm for global presence is evident in its move into Thailand.
