Key Highlights
- The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against crypto exchange operator BG Limited for running Bitget without a local license between 2022 and 2025.
- Thailand has requested the government block access to Bitget’s website and application beginning December 5, prompting officials to advise users to manage their on-platform assets.
- The enforcement action jeopardizes Bitget’s pending acquisition of licensed Thai crypto broker GMO-Z via its affiliate entity, BTGT Management (Thailand).
Thai SEC Files Criminal Complaint Against Bitget Operator
The Securities and Exchange Commission of Thailand has initiated legal proceedings against BG Limited, the operating company behind major cryptocurrency exchange Bitget. The regulatory body confirmed it has filed a formal criminal complaint with the police, accusing the company of offering unauthorized digital asset trading services in Thailand continuously from 2022 through 2025 without obtaining the necessary regulatory licensing.
According to the SEC’s findings, Bitget actively targeted the domestic market by maintaining a dedicated Thai-language website that displayed digital asset prices denominated in the local fiat currency, the Thai baht. In addition to levying trading fees on transactions, the platform reportedly solicited local investors through localized social media channels, operating in direct violation of the country’s legal requirements for digital asset business operators.
Platform Ban Scheduled for December 5
In response to the alleged violations, the Thai SEC has formally requested that the government block domestic access to Bitget’s web domain and mobile application starting December 5. Regulators have explicitly urged Thai users with funds or positions currently on the platform to make arrangements for their digital assets before the access restrictions take full effect.
While Bitget’s official terms of service, which underwent an update in October, already classify Thailand as an excluded jurisdiction where platform services are prohibited, the regulatory findings indicate the platform engaged local users and facilitated trading services prior to and despite these contractual restrictions.
Regulatory Scrutiny Threatens GMO-Z Acquisition Bid
The enforcement crackdown delivers a major blow to Bitget’s expansion ambitions in the Southeast Asian market. The exchange has been actively pursuing formal market entry into Thailand through an acquisition strategy. Specifically, BTGT Management (Thailand)—a firm linked to Bitget—has been seeking regulatory clearance to purchase GMO-Z, an exchange and brokerage firm that already holds domestic operational licenses from Thai authorities.
The criminal referral to law enforcement and the imminent platform block create substantial friction for that acquisition process, casting severe uncertainty over whether the Thai SEC will authorize the deal given the ongoing criminal complaints against Bitget’s principal operating entity.
Why This Matters
This enforcement action underscores the intensifying regulatory scrutiny global digital asset exchanges face across Southeast Asia. Thailand’s strict enforcement of domestic registration mandates demonstrates that retroactively operating without a license can imperil future merger and acquisition pathways intended to achieve full compliance. For the broader industry, the Thai SEC’s move illustrates that offshore exchanges seeking legitimate local footprints via licensed acquisitions face immense obstacles if historical unapproved solicitations are uncovered by state regulators.
Frequently Asked Questions
Why did Thailand file a criminal complaint against Bitget?
The Thai SEC filed a criminal complaint against Bitget’s operating entity, BG Limited, for allegedly offering unlicensed crypto trading services in Thailand from 2022 to 2025, which included charging trading fees and marketing to local users via a Thai-language website and baht pricing.
What should Thai users on Bitget do ahead of December 5?
The Thai SEC has urged domestic users holding digital assets on the Bitget platform to make necessary plans and arrangements regarding their balances before the scheduled December 5 ban blocks website and mobile application access in the country.
How does this enforcement affect Bitget’s local acquisition plans?
Bitget’s affiliated entity, BTGT Management (Thailand), has been seeking regulatory approval to acquire GMO-Z, a licensed local broker and exchange. The SEC’s criminal referral and pending service ban cast significant doubt over whether Thai authorities will approve the acquisition.
