KuCoin Thailand Launch Signals Growing Crypto Market Amid Bitcoin Surge

Bitcoin’s surge to a record high of 4.29 million Thai baht (~US$117,477) in July 2025 has fueled excitement in Thailand’s cryptocurrency market, positioning the country as a key hub for digital assets in Southeast Asia. Seizing this momentum, KuCoin, a global cryptocurrency exchange, has launched KuCoin Thailand, a fully regulated platform, following its acquisition of ERX Company Ltd., a licensed digital token exchange. Announced on April 22, 2025, this move marks KuCoin’s first fully regulated subsidiary in the region and aligns with Thailand’s projected crypto market revenue of US$488.9 million by year-end. The launch underscores Thailand’s growing role in the global crypto landscape, driven by a young, diverse investor base and innovative regulatory policies.

Strategic Entry into Thailand’s Regulated Market

KuCoin Thailand emerged from the acquisition of ERX Company Ltd., a Securities and Exchange Commission (SEC)-licensed digital token exchange, which was rebranded and launched on April 22, 2025. Existing ERX users were seamlessly migrated to KuCoin’s advanced infrastructure, and by April 30, 2025, the platform was officially registered with Thailand’s Ministry of Commerce. “We’re strengthening our ability to offer localized solutions tailored to the Thai market” said Att Tongyai Asavanund, CEO of ERX, emphasizing the focus on user-centric services.

The platform offers spot trading and fiat on/off-ramp services for the Thai baht, enabling users to buy and sell cryptocurrencies like Bitcoin and Ethereum with ease. KuCoin plans to gradually introduce additional features, such as futures trading and staking, in compliance with Thailand’s strict SEC regulations, which mandate licensing and adherence to anti-money laundering (AML) and investor protection standards. “Thailand’s regulatory clarity and growing crypto adoption made it an ideal starting point for our Southeast Asian expansion” a KuCoin spokesperson stated, highlighting the country’s supportive framework for digital finance.

Thailand’s progressive regulatory environment, established as one of the first in Southeast Asia, has attracted global players like KuCoin. The country’s planned 2025 initiative to allow cryptocurrency payments for tourists via credit card integrations further enhances its appeal. This pilot, targeting tourist hubs like Phuket, aligns with KuCoin’s strategy to integrate crypto into everyday transactions, potentially boosting adoption among Thailand’s 40 million annual visitors.

Thailand’s Crypto Investors: Youthful and Inclusive

Thailand’s crypto market is powered by a young and diverse demographic. A 2023 Statista report indicates that 75% of Thai crypto investors are aged 18–24, with only 1.1% over 55, reflecting the country’s tech-savvy youth and high mobile penetration. A 2021 Ipsos survey found a near-equal gender split, with 51% male and 49% female Bitcoin investors, challenging the global stereotype of crypto as male-dominated. There is no significant difference between the number of male and female Bitcoin investors the survey noted, underscoring Thailand’s inclusive crypto culture.

Bitcoin’s recent ATH of 4.29 million THB (~US$117,477) has galvanized this group, building on the 2021 boom when Bitcoin hit 2 million THB and Thailand led globally with 5.7 million NFT accounts. By late 2025, Thailand is projected to have 7.84 million crypto users, a 10.9% penetration rate. Local exchanges like Bitkub, with a 75.4% market share, have driven adoption through aggressive marketing, including billboards and public transport ads, capitalizing on the youthful enthusiasm for digital assets.

Competitive Landscape and Regulatory Scrutiny

KuCoin Thailand enters a crowded field of eight other SEC-licensed exchanges: Bitkub Online, Upbit Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, WAAN Exchange, and Orbix Trade. Bitkub dominates with a 2022 trading volume of US$28 billion, far surpassing competitors like Zipmex (US$5.6 billion). However, the market has faced challenges. In May 2025, the SEC announced plans to block unlicensed platforms like Bybit, OKX, CoinEx, 1000X, and XT by June 28, 2025, citing risks of money laundering. “This is to protect investors and stop the use of unauthorized digital asset trading platforms as a money laundering channel” the SEC stated. Adverse media has highlighted past issues: in 2019, Mana Jumuang, known as the “Cryptocurrency Wizard” was arrested for a 500 million THB (~US$16 million) scam spanning 10 Asian countries. The SEC has also warned against numerous unlicensed crypto exchange websites since 2018, flagging risks of fraud via social media. In 2019, FX Trading Corporation was called out for promising unrealistic 2.5% daily returns, suggestive of a Ponzi scheme. These incidents emphasize the value of KuCoin’s licensed status, which offers users greater security.

Thailand’s crypto market remains vibrant, with daily trading volumes of 2,977 million THB (~US$81 million) in January 2025 and 2.45 million trading accounts, 200,000 of which are active. Tether holds a 34% market share, followed by Bitcoin and Ethereum. The SEC’s 2024 approval of crypto investments for Ultra Accredited Investor Mutual Funds, up to 20% of Net Asset Value, has further strengthened confidence. As KuCoin Thailand navigates this dynamic market, its regulated status and global expertise—backed by a US$3.8 billion daily trading volume—position it to challenge Bitkub’s dominance while advancing Thailand’s role as a crypto hub.