Seychelles-Based Exchange Launches Thai Platform Amid Regulatory Push
Global cryptocurrency exchange KuCoin has officially entered the Thai digital asset market, rebranding ERX Company Ltd—Thailand’s first SEC-supervised token exchange—as KuCoin Thailand, according to an April 23 announcement.
Operating under ERX’s newly acquired crypto exchange license, the new platform will offer digital assets and crypto trading services tailored to local users. The launch marks KuCoin’s continued expansion into Southeast Asia, a region seeing rising crypto interest and regulatory tightening.
“We’re strengthening our ability to offer localized solutions tailored to the Thai market,” said ERX CEO Att Tongyai Asavanund.
Existing ERX customers have already been migrated to the new KuCoin Thailand platform, and the KuCoin TH app is now available on Android and iOS.
KuCoin Joins a Crowded, Regulated Market
KuCoin enters a Thai crypto landscape that is already highly competitive. The Thai Securities and Exchange Commission (SEC) currently licenses eight other exchanges, including:
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Bitkub Online (market leader)
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Upbit Exchange
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Gulf Binance
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Thai Digital Assets Exchange
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InnovestX Securities
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GMO-Z.com Cryptonomics
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WAAN Exchange
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Orbix Trade
Bitkub, Thailand’s largest exchange, sees an average daily trading volume of around $70 million, according to CoinGecko. By contrast, KuCoin’s global platform boasts a reported $3.8 billion in daily volume, making it one of the most active exchanges worldwide.
Thailand’s Mixed Crypto Landscape
Thailand presents both opportunities and constraints for crypto firms. In 2022, the Bank of Thailand prohibited the use of crypto assets for payments, although crypto trading remains legal and continues to flourish.
Earlier this year, the government announced a pilot project allowing tourists to use Bitcoin for payments in a sandboxed environment on Phuket island. However, the initiative has yet to be implemented.
At the same time, Thai regulators have stepped up efforts to combat financial crime, targeting foreign peer-to-peer (P2P) crypto platforms in recent enforcement actions. These moves underscore the Thai SEC’s intent to maintain strict oversight over the domestic crypto economy.
KuCoin Faces Legal Challenges Abroad
While expanding in Asia, KuCoin is simultaneously trying to resolve legal issues in the United States. In March 2024, the Commodity Futures Trading Commission (CFTC) sued the exchange for alleged violations of the Commodity Exchange Act during the previous administration.
The company is currently working toward a settlement, but the legal case highlights the growing global scrutiny on centralized exchanges operating across borders.
