On April 23, KuCoin unveiled its officially licensed digital asset trading platform in Thailand, marking a major step in its regional expansion. This debut comes following the rebranding of ERX Company Limited to “KuCoin Thailand.”
ERX previously operated as Thailand’s first SEC-licensed platform for token trading, giving KuCoin a ready-made regulatory gateway.
Will KuCoin Dethrone Bitkub in Thailand’s Crowded Market?
KuCoin’s move signals a calculated shift toward Southeast Asia, where regulatory regimes are strict but navigable for compliant exchanges.
Thailand’s crypto market is booming, with local powerhouse Bitkub handling around $70 million in daily trades. Competing exchanges like Gulf Binance, Upbit, and WAAN Exchange also maintain significant market share.
With the acquisition of ERX, KuCoin inherits an SEC-regulated framework and plans to blend its global platform strengths with local operational insights. The goal: to attract Thai traders through regulatory trust and robust infrastructure.
Thailand has restricted crypto payments since 2022 while allowing regulated trading. Authorities have also increased scrutiny on unlicensed foreign P2P platforms to curb financial fraud and laundering, setting the stage for licensed exchanges like KuCoin to thrive.
KuCoin’s U.S. Woes: A Costly Compliance Lesson
KuCoin is still recovering from legal turbulence in the U.S. where it admitted to violating money transmission laws and agreed to pay nearly $300 million in fines.
The Department of Justice’s enforcement included a $112.9 million fine and $184.5 million in forfeitures, alongside a two-year U.S. operations ban stemming from weak AML and KYC controls.
Further damage came in 2023, when authorities traced billions in illicit funds through KuCoin’s infrastructure. These investigations linked the platform to darknet activities and scams, prompting a $22 million settlement in New York.
Leadership exits followed, with founders Chun Gan and Ke Tang stepping down. KuCoin now says it’s committed to rebuilding its compliance standards—but regaining credibility will take time.
KuCoin Pursues MiCA Licensing to Enter the EU Market
Despite setbacks, KuCoin is pushing ahead with a European expansion. The exchange is actively seeking a MiCA license and has chosen Austria as its regulatory base within the EU.
If approved, the MiCA license would allow KuCoin EU Exchange GmbH to operate across Europe as a regulated digital asset provider.
The company will establish its European headquarters in Vienna, attracted by the city’s regulatory stability and crypto talent pool. This licensing effort underscores KuCoin’s pivot to long-term compliance and renewed institutional credibility.
