KuCoin Enters Thai Market Following Binance’s Lead

The regulated Thai digital token exchange ERX has launched the licensed platform KuCoin Thailand, as reported by local media.

The platform will offer clients a full suite of products from one of the world’s largest bitcoin exchanges.

“This partnership gives us access to global infrastructure and resources, which we will use to create localized solutions tailored for Thai users,” noted ERX CEO Att Tongyai Asavanund.

The local platform will gradually transition all operations under the KuCoin Thailand brand. Existing ERX clients have already moved to the new exchange, accessible via its own domain and the KuCoin TH mobile app.

ERX has a paid-up share capital of approximately $10.5 million and is wholly owned by Cryptosphere Ventures—a joint venture between a Thai firm (holding 51%) and a Hong Kong investor.

KuCoin Thailand will compete in the country’s market with eight other crypto platforms approved by Thailand’s Securities and Exchange Commission (SEC):

• WAAN Exchange;
• Gulf Binance; 
• Thai Digital Assets Exchange;
• InnovestX Securities;
• GMO-Z.com Cryptonomics;
• Upbit Exchange Thailand;
• Bitkub Online;
• Orbix Trade.

Binance launched full trading and brokerage operations in partnership with Gulf Energy, owned by local billionaire Sarath Ratanavadi, at the beginning of 2024.

In April of the previous year, the SEC took measures to block unauthorized digital asset exchanges.

Earlier, the regulator tightened requirements for crypto businesses regarding data collection and blocking criminal transactions.