KuCoin Enters Thailands Crypto Market, Following Binances Lead

The regulated digital token exchange ERX in Thailand has launched its licensed platform, KuCoin Thailand. Local media outlets have reported this news.

The platform will offer a comprehensive range of products from one of the largest bitcoin exchanges in the world.

“This partnership provides us with access to global infrastructure and resources, which we will utilize to develop localized solutions tailored for Thai users,” stated ERX CEO Atthakorn Tongsai Asavanund.

The local platform will gradually transition all its operations under the KuCoin Thailand brand. Current ERX clients have already migrated to the new exchange, which is accessible through its own domain and the mobile application KuCoin TH.

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

KuCoin Thailand will enter a competitive market alongside eight other cryptocurrency platforms approved by the Securities and Exchange Commission (SEC) of Thailand:

Binance recently began its fully operational trading and brokerage platform in collaboration with Gulf Energy, a holding company owned by local billionaire Sarath Ratanavadi, at the start of 2024.

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

It’s worth noting that the regulator has tightened requirements for crypto businesses concerning data collection and the prevention of illicit transactions.