KuCoin’s Big Move: Entering Thailand’s Crypto Market
KuCoin, a global crypto exchange, is making waves in Asia after facing tough legal battles in the U.S. On April 23, the company launched a fully licensed crypto platform in Thailand by rebranding ERX, a local exchange regulated by Thailand’s Securities and Exchange Commission (SEC). This strategic shift to Asia highlights KuCoin’s plan to grow in markets with strict but clear rules for crypto trading.
Why Thailand? A Lucrative Market with Strict Rules
Thailand banned crypto payments in 2022 but encourages regulated trading. This creates a safer space for licensed platforms like KuCoin. By taking over ERX—Thailand’s first SEC-approved exchange—KuCoin gains instant access to a market dominated by big players like Bitkub, which handles $70 million in daily trades.
The rebranded KuCoin Thailand combines global trading tools with local customer support, aiming to attract users tired of less-regulated platforms. But can it challenge Bitkub’s throne?
Can KuCoin Take on Bitkub?
Thailand’s crypto scene is crowded. Bitkub leads the pack, followed by Gulf Binance (a partnership between Gulf Energy and Binance) and Upbit. KuCoin’s strategy? Offer Thais a trusted, user-friendly platform backed by strong security. While Bitkub has home-field advantage, KuCoin’s global reputation might sway traders looking for fresh options.
KuCoin’s Rocky Road in the U.S.: Fines and Legal Troubles
Before heading to Asia, KuCoin faced a storm in the U.S. In early 2025, the company admitted to running an unlicensed money service and agreed to pay $300 million in fines. U.S. authorities accused KuCoin of failing to stop criminals from using its platform for scams, ransomware, and money laundering.
What Went Wrong in the U.S.?
- Weak Safety Checks: KuCoin didn’t properly verify users (KYC rules) or monitor suspicious transactions (AML laws).
- $22 Million New York Settlement: The state fined KuCoin for operating illegally there.
- Leadership Shakeup: Founders Chun Gan and Ke Tang stepped down after the legal mess.
The U.S. banned KuCoin for two years, forcing the exchange to focus on rebuilding its image elsewhere.
Rebuilding Trust After the Storm
KuCoin isn’t giving up. The company claims it’s upgrading compliance systems and prioritizing user safety. But regaining trust takes time—especially after billions in shady transactions slipped through its platform.
Eyeing Europe: KuCoin’s Plan to Conquer the EU Market
While tackling Thailand, KuCoin is also eyeing Europe. In February 2025, the exchange applied for a MiCA (Markets in Crypto-Assets) license in Austria. If approved, this would let KuCoin operate across the European Union (EU) and European Economic Area (EEA).
What’s the MiCA License (And Why Does It Matter)?
The MiCA license is Europe’s gold standard for crypto regulation. It ensures exchanges follow strict rules to protect users. By choosing Vienna as its EU hub, KuCoin aims to tap into Austria’s tech talent and investor-friendly laws. As the company tweeted, this move is part of its “global compliance strategy.”
What’s Next for KuCoin?
KuCoin’s journey is a rollercoaster. From U.S. legal drama to aggressive Asian and European expansion, the exchange is betting on regulated markets to rebuild its reputation. Key steps include:
- Winning Over Thailand: Competing with Bitkub by offering better tech and local support.
- Succeeding in Europe: Securing the MiCA license to unlock 30+ countries.
- Staying Compliant: Proving it can follow rules after past failures.
The Bottom Line
KuCoin’s story shows how crypto exchanges must adapt to survive. By pivoting to Asia and Europe, the platform is distancing itself from U.S. troubles—but success depends on winning user trust and playing by the rules. For crypto newbies, this saga highlights why regulation matters: safer platforms mean fewer scams and more innovation.
Follow KuCoin’s journey on Twitter (@kucoincom) for updates on their global expansion!
