Key Takeaways
- ERX, now rebranded as KuCoin Thailand, received the necessary approvals from Thai regulators and has already migrated existing users to the newly launched platform
- KuCoin joins eight other platforms licensed to operate in Thailand’s digital asset sector.
Laeding crypto exchange KuCoin has formally launched its operations in Thailand, expanding its footprint in Southeast Asia by partnering with ERX Company Limited—a platform licensed by Thailand’s Securities and Exchange Commission (SEC).
ERX, now rebranded as KuCoin Thailand, received the necessary approvals from Thai regulators and has already migrated existing users to the newly launched platform. The service is available via mobile applications on both Android and iOS devices.
KuCoin Thailand will be operated under a fully compliant structure, aligning with local laws while offering the same trading infrastructure and security protocols found on KuCoin’s global platform. In a statement, ERX CEO Att Tongyai Asavanund said, “We’re strengthening our ability to offer localized solutions tailored to the Thai market,” emphasizing the platform’s intent to serve regional investors through a combination of global expertise and domestic insight.
Thailand has emerged as a significant player in the digital asset space in Southeast Asia, largely due to its early efforts to build a comprehensive regulatory framework for crypto trading. Although the use of crypto for payments has been prohibited by the country’s central bank since 2022, trading remains legal and active. Thai authorities have also signaled openness to limited experiments, such as a pilot program allowing tourists to use Bitcoin in Phuket—a plan that remains under development.
With this launch, KuCoin joins eight other platforms licensed to operate in Thailand’s digital asset sector. Notable competitors include Bitkub, currently the country’s most active exchange with daily volumes nearing $70 million, alongside Gulf Binance, Upbit, and Thai Digital Assets Exchange. By contrast, KuCoin’s international operations process daily volumes upwards of $3.8 billion, according to data from CoinGecko.
This regional expansion arrives at a time when KuCoin is undergoing substantial legal restructuring. In the United States, the exchange recently pleaded guilty to running an unlicensed money transmission business, following a case brought by the Commodity Futures Trading Commission (CFTC) in March 2024. Under a court settlement, KuCoin agreed to exit the U.S. market for two years and pay a financial penalty totaling nearly $300 million—comprising $184.5 million in forfeiture and a $112.9 million fine.
As part of the resolution, KuCoin’s founders, Michael Gan and Eric Tang, stepped down from all roles in the company’s management and operations. The exchange, legally registered as PEKEN Global Limited, entered its guilty plea in a federal court in Manhattan earlier this year.
Earlier this month, Thai regulators passed a resolution to tackle digital asset mule accounts in banks, restricting foreign crypto peer-to-peer platforms and introducing strict financial penalties for violations.
