KuCoin Enters Thai Market, Collaborates with ERX Exchange

# KuCoin Expands Into Thailand, Strengthening Presence in Southeast Asia Global digital asset exchange KuCoin is broadening its influence in Southeast Asia, announcing its entry into the Thai market. On October 23, KuCoin revealed in a blog post its plan to launch a digital asset exchange platform in Thailand. The exchange has partnered with ERX Company, a licensed digital asset trading operator recognized by Thai financial regulators. Under this collaboration, ERX rebranded itself as “KuCoin Thailand” starting October 22. Att Tongyai Asavanund, CEO of ERX, commented, “We are enhancing our capabilities to deliver localized solutions tailored specifically for the Thai market, leveraging KuCoin’s global infrastructure and resources.” Existing ERX users have been automatically migrated to the new KuCoin Thailand platform, which is now available for download on both Android and iOS devices. # Competitive Landscape in Thailand’s Digital Asset Sector The digital asset market in Thailand is already highly competitive, with eight companies currently holding licenses to operate exchanges. These include prominent names like Gulf Binance, Upbit Exchange, Bitkub Online, and Orbix Trade. According to CoinGecko, Bitkub leads the Thai market with a daily trading volume of approximately $70 million. In contrast, KuCoin’s global platform showcases its dominance with an average daily trading volume of $3.8 billion. # Regulatory Landscape and Legal Challenges While KuCoin focuses on establishing its brand in Thailand, the country’s regulatory authorities have intensified efforts to combat financial crime. In early April, Thai regulators launched crackdowns on cross-border peer-to-peer (P2P) digital asset platforms to curb fraud and money laundering. Simultaneously, KuCoin is navigating legal challenges in the U.S. The exchange is currently in talks to resolve a lawsuit filed by the Commodity Futures Trading Commission (CFTC), alleging violations of the Commodity Exchange Act. A resolution is expected by March 2024.