KuCoin Launches Regulated Cryptocurrency Exchange in Thailand
KuCoin has ventured into the Thai market by launching a locally regulated cryptocurrency exchange, following the acquisition of a digital asset license. This move comes after KuCoin acquired ERX Company, which is now rebranded as KuCoin Thailand.
The rebranded platform went live under its new name on April 22, 2025, with existing ERX users transitioning to the updated KuCoin infrastructure. The exchange is officially registered with Thailand’s Ministry of Commerce as of April 30, 2025.
Expansion Strategy and Regulatory Compliance
The development marks KuCoin’s first fully regulated local subsidiary, aligning with its broader strategy to expand into regulated markets across Southeast Asia. A representative from KuCoin highlighted that the choice to launch in Thailand was influenced by the country’s favorable regulatory framework, growth potential, and government support for digital finance.
The platform currently offers spot trading and fiat on/off-ramp services for the Thai baht. While the company provides a wide range of products globally, the local operation will scale its offerings gradually to meet domestic regulations and user demand.
Competitive Landscape
Thailand is home to eight other licensed digital asset exchanges: WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online, and Orbix Trade. KuCoin’s entry aims not only at general crypto adoption but also at leveraging Thailand’s planned initiative to enable cryptocurrency payments for tourists through credit card integrations.
According to forecasts, the Thai cryptocurrency market is expected to grow significantly, with a projected revenue of approximately USD 488.9 million in 2025 and an estimated user base of 7.84 million crypto users.
Regional Expansion
In addition to entering the Thai market, KuCoin also applied for a license in Turkey in August 2024, marking its interest in expanding into regulated cryptocurrency markets across the region. This move underscores the increasing significance of Turkey as a hub for cryptocurrency activities.
The launch signifies KuCoin’s commitment to operating within regulatory frameworks while still providing innovative services and products tailored to local market needs.
