Thailand moves to block Bitget as local acquisition faces uncertainty
Thailand to block Bitget from Dec. 5
Thailand's securities regulator has filed a criminal complaint against Bitget. Bitget is a crypto exchange, which is a platform where people buy and sell crypto.
The regulator said Bitget's operator, BG Limited, ran an unlicensed exchange for Thai users from 2022 to 2025. It has asked the government to block Bitget's website and app from Dec. 5.
Main points from the report
- The SEC referred the case to police.
- Users were urged to make plans for assets held on the platform.
- Bitget's terms already list Thailand as a prohibited country.
- A Bitget-linked deal to buy licensed Thai exchange GMO-Z is still pending approval.
What the SEC alleges Bitget did
The SEC said Bitget charged trading fees. It said Bitget sought Thai customers through a Thai-language website that showed prices in baht, the local currency. It also had associated social media channels.
Bitget's terms of use, last updated in October, already list Thailand among countries where its services are prohibited.
Bitget's planned entry through GMO-Z
Bitget is seeking approval to acquire GMO-Z through BTGT Management (Thailand), a company linked to Bitget. GMO-Z is a licensed crypto exchange and brokerage.
Seller GMO Internet delayed the share transfer from Oct. 31 to Nov. 30. It cited work tied to regulatory approvals. The revised date is five days before the planned block.
What remains unclear
The SEC has not said whether its complaint could affect the acquisition. Bitget, GMO Internet and the SEC did not respond to requests for comment.
Why the timing matters
The block would cut off access to Bitget's site and app in Thailand. The planned takeover would have given Bitget a regulated route into the country's crypto market, but that route is now subject to uncertainty.
Thailand has taken similar action against offshore exchanges, including Bybit and OKX, as part of its crackdown on unlicensed crypto trading.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.