Source: Cointelegraph
Original: “Cryptocurrency Exchange KuCoin Enters the Crowded Thailand Market”
The cryptocurrency exchange KuCoin plans to further expand its Southeast Asian operations, targeting Thailand's growing cryptocurrency market.
According to an announcement on April 23, KuCoin plans to launch a cryptocurrency trading platform in Thailand that offers digital assets and related products.
The announcement stated that the first digital token exchange regulated by the Thai Securities and Exchange Commission (SEC), ERX Company Ltd, has been renamed KuCoin Thailand as of April 22.
The cryptocurrency exchange will operate under the framework of ERX, which has recently obtained a cryptocurrency exchange license issued by Thailand's financial regulatory authority.
ERX CEO Att Tongyai Asavanund stated, "We are enhancing our ability to provide localized solutions for the Thai market."
Existing ERX users have migrated to the new KuCoin Thailand platform, and the KuCoin TH app is now available on both Android and iOS platforms.
KuCoin is entering a competitive market, with eight companies currently holding cryptocurrency and digital asset exchange operation licenses issued by the Thai Securities and Exchange Commission (SEC).
These eight companies are WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online, and Orbix Trade.
According to CoinGecko data, Bitkub is currently the largest exchange among them, with a daily trading volume of approximately $70 million. In comparison, KuCoin's global platform claims a daily trading volume of $3.8 billion.
In January of this year, the Thai government announced a pilot project in the Phuket tourist area, allowing visitors to use Bitcoin (BTC) for payments in a sandbox environment. However, the project has not yet launched.
Although cryptocurrency trading remains popular in Thailand, the country's central bank banned the use of crypto assets for payments in 2022.
In early April, Thailand's financial regulatory authority launched a new crackdown on foreign peer-to-peer cryptocurrency platforms to combat fraud and money laundering.
KuCoin is currently seeking to reach a settlement with the U.S. Commodity Futures Trading Commission (CFTC), after the exchange was sued by the previous government in March 2024 for violating the Commodity Exchange Act.
Related: After changes in Trump's policies, KuCoin's settlement agreement with the CFTC has changed.
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