KuCoin Ventures Into Southeast Asia With Emphasis On Thailand’s Expanding Cryptocurrency Market
The crypto asset exchange KuCoin is enhancing its footprint in Southeast Asia by introducing a specialized protocol in Thailand, seeking to tap into the country’s burgeoning digital asset sector.
As stated in a 23 April 2025 news, KuCoin will launch operations in Thailand via ERX Company Ltd, the nation’s first SEC-regulated digital token exchange.
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ERX Rebrands to KuCoin Thailand After Receiving Crypto Exchange License
ERX has officially changed its name to KuCoin Thailand as of April 22, following the recent grant of its digital currency trading platform license from Thai financial authorities.
“We are enhancing our capability to provide localized solutions catering to the Thai market,” remarked ERX CEO Att Tongyai Asavanund. Current ERX users have already transitioned to the new protocol, with the KuCoin Thailand app now accessible on both Android and iOS devices.
KuCoin enters a competitive arena, joining eight other exchanges licensed by the Thai SEC.
Prominent players include Bitkub, which leads Thailand’s exchanges with a daily trading volume of around $70 million, along with platforms such as Upbit, Gulf Binance, and Thai Digital Assets Trading protocol.
In contrast, KuCoin’s worldwide operations feature a daily trading volume of $3.8 billion, as per CoinGecko.
Thailand remains a center of crypto enthusiasm despite regulatory challenges. While trading digital assets is still favored, the central bank has banned the use of cryptocurrencies for payments since 2022.
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“In Thailand, we are integrating forward-thinking regulations into the bill…”
“- which includes simplified licensing for operators in digital finance.”
Things are advancing rapidly in Thailand…
Looking forward to what lies ahead for $VELO &… pic.twitter.com/eygo4kv2EH
— Luke – The Deeper Dive (@lukeTDD) March 18, 2025
Earlier this year, the Thai government initiated a pilot to permit tourists to utilize Bitcoin for payments in Phuket, though the project has yet to commence.
In the meantime, Thai regulators have heightened scrutiny on foreign peer-to-peer crypto platforms to prevent fraud and money laundering.
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KuCoin Endeavors to Address Legal Challenges
KuCoin’s growth occurs as the exchange seeks to address legal challenges with the U.S. Commodity Futures Trading Commission (CFTC), which filed a lawsuit against the platform in March 2024 for alleged breaches of the Commodity Trading network Act during the prior U.S. administration.
Earlier this year, the exchange admitted guilt to running an unlicensed money-transmitting business in the U.S.
As part of a resolution with U.S. authorities, KuCoin consented to pay nearly $300 million and will exit the U.S. market for the next two years. The exchange’s founders, Michael Gan and Eric Tang, have also been compelled to resign as part of the agreement.
The settlement mandated KuCoin to surrender $184.5 million and pay an extra $112.9 million penalty.
Founders Gan and Tang were also obligated to forfeit $2.7 million and agreed to withdraw from all management and operational responsibilities within KuCoin. The company, known officially as PEKEN Global Limited, entered its guilty plea in a Manhattan federal court.
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Key Takeaways
- KuCoin has transitioned ERX to KuCoin Thailand to broaden its presence in Southeast Asia’s burgeoning crypto market.
- The exchange enters a competitive landscape in Thailand while regulators uphold stringent controls on crypto payments and foreign platforms.
- KuCoin is finalizing a $300 million settlement with U.S. authorities after admitting 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.
