KuCoin Launches Crypto Exchange in Thailand: Seizing Market Opportunity

Crypto Exchange KuCoin Expands into Thailand Market

Cryptocurrency exchange KuCoin is making a strategic move to tap into the growing crypto market in Thailand. According to an announcement on April 23, KuCoin is gearing up to launch a crypto exchange platform that will offer digital assets and related products in the country.

Previously known as ERX Company Ltd, Thailand's first Securities and Exchange Commission-supervised digital token exchange has rebranded itself as KuCoin Thailand starting April 22. The exchange will operate under ERX, which recently obtained a crypto exchange license from the Thai financial regulator.

ERX's CEO Att Tongyai Asavanund stated, "We're strengthening our ability to offer localized solutions tailored to the Thai market." The migration of existing ERX users to the new KuCoin Thailand platform has already been completed, and the KuCoin TH app is now available on both Android and iOS.

KuCoin faces stiff competition in Thailand

KuCoin's entry into the Thai market comes amidst stiff competition, as there are currently eight other companies authorized by the Thai SEC to operate as crypto and digital asset exchanges. These include WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online, and Orbix Trade.

Bitkub, the market leader, boasts a daily trading volume of approximately $70 million, as reported by CoinGecko. In comparison, KuCoin's global platform records a daily volume of $3.8 billion.

While Thailand has shown keen interest in crypto trading, the use of crypto assets for payments was banned by the central bank in 2022. Although the government had announced a pilot program enabling tourists to make payments using Bitcoin in Phuket, it is yet to be launched.

Earlier this year, Thai finance regulators intensified their crackdown on foreign peer-to-peer crypto platforms to curb scams and money laundering activities in the country.

KuCoin is currently dealing with a lawsuit from the US Commodity Futures Trading Commission, filed under the previous administration in March 2024 for violating the Commodity Exchange Act. The exchange is working towards resolving the situation with the regulatory body.

As the crypto landscape continues to evolve, KuCoin's decision to enter the competitive Thai market reflects its commitment to expanding its global presence and offering tailored solutions to meet the needs of the local crypto community.

Stay tuned for more updates on KuCoin's developments in Thailand and the wider crypto industry.