KuCoin is making a major push into South-east Asia with the launch of a new crypto platform in Thailand. According to an April 23 announcement, KuCoin will offer digital assets and related products to Thai users through a newly rebranded platform, KuCoin Thailand.
ERX Company Ltd.—Thailand’s first SEC-regulated digital token exchange — officially rebranded to KuCoin Thailand on April 22. The platform will continue to operate under ERX, which recently secured a crypto exchange licence from Thailand’s financial regulator.
“We’re strengthening our ability to offer localised solutions tailored to the Thai market,” said ERX CEO Att Tongyai Asavanund.
KuCoin Thailand Platform and App Now Live
Existing ERX users have already been migrated to the KuCoin Thailand platform. The newly launched KuCoin TH app is available for download on both Android and iOS devices, enabling Thai users to start trading immediately.
KuCoin aims to tap into the growing demand for crypto services in Thailand, although competition is stiff.
KuCoin Joins Crowded Thai Crypto Market
KuCoin’s expansion places it among eight other SEC-licenced crypto exchanges operating in Thailand. These include WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online, and Orbix Trade.
Bitkub remains the market leader with around $70 million in daily trading volume, according to CoinGecko. In comparison, KuCoin’s global platform reports $3.8 billion in daily volume.
Thailand’s Crypto Landscape: Growing Interest Despite Payment Ban
Thailand’s crypto ecosystem continues to grow, even though using crypto for payments was outlawed by the central bank in 2022. Trading, however, remains popular. Earlier this year, the Thai government announced a pilot program to allow Bitcoin payments for tourists in a sandboxed environment in Phuket, although it has yet to be launched.
KuCoin’s strategic move suggests it is betting on Thailand’s strong retail interest and potential regulatory easing in the future.
