Thailand Blocks Bitget as Acquisition Comes Under Pressure
Thailand’s SEC says BG Limited operated for years without a license and is asking for the website and app to be blocked. The case is also putting Bitget’s planned acquisition of the licensed GMO-Z under pressure.
Key Takeaways
- Thailand will block Bitget starting December 5 and accuses the platform of years of unlicensed crypto trading.
- The SEC says BG Limited served Thai users between 2022 and 2025 through a local website, baht pricing, and social media channels.
- The block is also putting the planned acquisition of GMO-Z under pressure, while the regulator has not yet said what impact it could have on that deal.
Thailand is shutting down Bitget starting December 5, while the planned acquisition of a licensed local crypto exchange is now under pressure. Thailand’s regulator has filed a criminal complaint against Bitget’s operator and says the platform operated for years without a license for Thai users.
Accusation of Unlicensed Trading
Thailand’s Securities and Exchange Commission says BG Limited offered crypto trading without a license from 2022 to 2025. According to the regulator, Bitget charged trading fees, targeted local customers through a Thai website, and displayed prices in baht. Related social media channels were also reportedly used.
The SEC has referred the case to the police and is asking the government to block Bitget’s website and app starting December 5. Users are being urged to make plans ahead of time for their assets on the platform.
Acquisition Faces More Uncertainty
The timing makes the situation even more sensitive. Bitget is trying to get approval through BTGT Management (Thailand) to acquire GMO-Z, a licensed crypto exchange and broker. That deal would give Bitget a regulated path into the Thai crypto market.
Seller GMO Internet already pushed the transfer from October 31 to November 30 because work was needed for the approvals. That puts the new date five days before the planned block. The SEC has not said whether the complaint could affect the acquisition.
Thailand Keeps a Tight Grip on Oversight
The case fits into Thailand’s broader crackdown on offshore crypto exchanges without a license. The regulator has also taken action against Bybit and OKX, among others. For European crypto followers, this shows how closely countries in Asia guard access to local markets, especially when a platform is operating without a license but also trying to enter through a regulated route. Bitget, meanwhile, is trying to expand through regulated growth; the platform’s institutional trading strategy shows how important licenses and market access are for the exchange.