Crypto exchange KuCoin enters crowded Thailand market
KuCoin is expanding into Southeast Asia by launching a crypto exchange platform in Thailand, rebranding ERX Company Ltd as KuCoin Thailand. The exchange will operate under ERX, which has received a license from the Thai financial regulator. Existing ERX users have been migrated to the new platform, and the KuCoin TH app is available on Android and iOS. Thailand's crypto market is competitive, with eight other licensed exchanges, including Bitkub, which has a daily trading volume of approximately $70 million. KuCoin's global platform reports a daily volume of $3.8 billion. The Thai government announced a pilot program for Bitcoin payments in Phuket, but using crypto for payments was banned by the central bank in 2022. Thai regulators are also targeting foreign peer-to-peer platforms to combat scams and money laundering. KuCoin is seeking to resolve a lawsuit with the US Commodity Futures Trading Commission related to violations of the Commodity Exchange Act.
