Cryptocurrency exchange KuCoin has launched a fully regulated local subsidiary in Thailand after acquiring an operational license from the country’s Securities and Exchange Commission (SEC).
KuCoin Thailand is the company’s first fully regulated local digital asset exchange. In a Friday announcement, KuCoin said the launch reflects its commitment to security and compliance, citing its recent SOC 2 Type II and ISO 27001 certifications.
“This marks a significant step toward strengthening our presence in the fast-growing markets of Southeast Asia, and more importantly, bringing secure, accessible crypto services to users where they are,” said KuCoin CEO BC Wong.
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KuCoin expands licensed business operations through acquisition
KuCoin entered the Thai market through the acquisition of a local crypto exchange, ERX Company, which was also Thailand’s first SEC-supervised digital token exchange.
The platform was rebranded as KuCoin Thailand on April 22. All existing ERX users have since been migrated to the new KuCoin platform.
Thailand is currently home to eight other licensed crypto exchanges, which include WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online and Orbix Trade.
KuCoin aims to capitalize on the Thai government’s plan to allow crypto payments for tourists through credit card integrations.
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