KuCoin expands into Thailand with SEC-approved exchange

Update (June 13, 10:40 am UTC): This article has been updated with comments from KuCoin CEO BC Wong.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.Speaking to Cointelegraph, Wong highlighted KuCoin’s preference for Thailand as a starting point for regulated expansion:“Thailand’s combination of regulatory clarity, market potential and government backing made it a significant milestone in their global compliance strategy.”KuCoin expands licensed business operations through acquisitionKuCoin entered the Thai market by acquiring a local crypto exchange, ERX Company, which was 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.Wong told Cointelegraph that KuCoin Thailand currently offers spot trading and Thai baht fiat on/off-ramp services. “While KuCoin Global supports a wide range of products for international users, we plan to expand locally in line with regulations and market demand, he added.Thailand is home to eight other licensed crypto exchanges, including 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.Magazine: Older investors are risking everything for a crypto-funded retirement