Cryptocurrency exchange KuCoin is enhancing its footprint in Southeast Asia by unveiling a dedicated platform in Thailand, directly targeting the nation’s burgeoning digital asset market.
According to an announcement made on April 23, 2025, KuCoin will conduct its operations in Thailand through ERX Company Ltd, the first SEC-regulated digital token exchange in the country.
ERX Rebrands as KuCoin Thailand After Securing Crypto Exchange License
As of April 22, ERX has officially been rebranded as KuCoin Thailand following the approval of its crypto exchange license by Thai financial authorities.
“We’re strengthening our ability to offer localized solutions tailored to the Thai market,” said ERX CEO Att Tongyai Asavanund. Existing ERX users have been successfully transitioned to the new platform, and the KuCoin Thailand application is now available for both Android and iOS.
Entering a competitive market, KuCoin joins other exchanges licensed by the Thai SEC including Bitkub, which leads with an approximate daily trading volume of $70 million, and other platforms like Upbit and Gulf Binance.
In comparison, KuCoin’s global operations reportedly achieve a daily trading volume of $3.8 billion, as indicated by CoinGecko.
Despite encountering regulatory challenges, Thailand remains a vibrant center for cryptocurrency activity. Although trading in digital currencies is favored, using cryptocurrencies for payments has been prohibited by the central bank since 2022.
KuCoin Strives to Resolve Legal Issues
KuCoin’s expansion aligns with the exchange’s efforts to settle legal matters 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 Exchange Act.
Earlier this year, the exchange pleaded guilty to operating an unlicensed money-transmitting business in the United States, settling with U.S. authorities for nearly $300 million and committing to exit the U.S. market for the subsequent two years. Founders Michael Gan and Eric Tang were compelled to retire from their management roles as part of this agreement.
The settlement required KuCoin to forfeit $184.5 million and pay an additional penalty of $112.9 million. Co-founders Gan and Tang also had to forfeit $2.7 million during this process and relinquished all operational responsibilities within KuCoin. The company, officially known as PEKEN Global Limited, entered its guilty plea in a Manhattan federal court.
Key Takeaways
- KuCoin has transformed ERX into KuCoin Thailand to broaden its presence in Southeast Asia.
- The exchange ventures into a competitive Thai market while regulators enforce strict regulations on crypto transactions and foreign entities.
- KuCoin is on the verge of concluding a $300 million settlement with U.S. authorities after acknowledging its unlicensed operations.
