SKN | Thailand Targets Bitget With Criminal Complaint as Planned Acquisition of Licensed Exchange Faces Regulatory Uncertainty

Key Points:

• Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against BG Limited, Bitget’s operating company, alleging that it provided unlicensed cryptocurrency exchange services to Thai users between 2022 and 2025.
• Authorities plan to block access to Bitget’s website, associated domains and mobile application from December 5, 2026, giving existing users a limited period to make arrangements for assets held on the platform.
• The enforcement action complicates Bitget’s planned acquisition of GMO-Z.com Cryptonomics (Thailand), a locally licensed exchange, although regulators have not confirmed whether the complaint will affect the transaction.

Thailand’s latest enforcement action against Bitget highlights the regulatory challenges facing international cryptocurrency exchanges seeking access to domestic markets. The country’s Securities and Exchange Commission has filed a criminal complaint against the exchange’s operator for allegedly providing digital asset trading services without the required authorization. The action comes as Bitget pursues a separate acquisition intended to establish a regulated presence in Thailand, creating uncertainty around the company’s local expansion strategy.

Thai SEC Alleges Unlicensed Exchange Operations

The SEC filed its complaint against BG Limited with Thailand’s Economic Crime Suppression Division, alleging that Bitget operated an unlicensed digital asset exchange between 2022 and 2025. According to the regulator, the platform facilitated cryptocurrency trading, collected transaction fees and actively sought Thai customers without obtaining the required domestic license.

The SEC identified several activities as evidence that Bitget was targeting the local market. These included a Thai-language website, the ability to display cryptocurrency values in Thai baht and promotional activity through local social media channels. The regulator also named an individual, Kritsana Kritsananuwat, alleging that he helped publicize the platform through Facebook and YouTube.

The complaint invokes Thailand’s Emergency Decree on Digital Asset Businesses, which requires relevant operators to obtain authorization. The SEC considers the alleged activities to constitute the operation of an exchange without a license. However, the filing represents the beginning of a criminal enforcement process, not a final judicial determination. An investigation, prosecutorial review and potential court proceedings remain ahead.

December 5 Access Restriction Raises Operational Concerns

Alongside the criminal complaint, the SEC notified the Ministry of Digital Economy and Society about blocking access to Bitget’s website, related domains and mobile application. The restriction is scheduled to take effect on December 5, 2026.

The regulator has urged investors holding assets on the platform to consider making arrangements before the deadline. The warning introduces an immediate operational consideration for Thai customers, who could face difficulties accessing their accounts if the restrictions take effect as scheduled.

The action also reinforces the distinction between using a globally accessible cryptocurrency platform and using an exchange authorized to operate in a particular jurisdiction. For international operators, offering services through localized websites, payment displays and marketing channels can create regulatory exposure when domestic licensing requirements have not been satisfied.

Planned Acquisition Creates a Complicated Market Entry

The enforcement action arrives as Bitget pursues a transaction involving GMO-Z.com Cryptonomics (Thailand), a licensed cryptocurrency exchange and brokerage owned by GMO Internet. The proposed acquisition, to be completed through Bitget-linked BTGT Management (Thailand), would provide a potential route into Thailand’s regulated digital asset market.

However, the transaction remains subject to regulatory approval. GMO Internet had postponed the planned share transfer from October 31 to November 30, placing the revised transaction date just five days before the scheduled Bitget access restriction. The SEC has not publicly clarified whether its criminal complaint will affect the acquisition or the approval process.

This distinction is important: acquiring a licensed local operator does not automatically resolve allegations concerning previous activities conducted without authorization. The proposed transaction and the criminal complaint are separate regulatory matters, and their eventual interaction remains uncertain.

Regulatory Compliance Becomes a Strategic Requirement

Thailand’s action demonstrates how licensing requirements can influence the commercial viability of international crypto exchanges, even when those platforms have substantial global operations. For Bitget, the outcome could affect its ability to establish a formal local presence and maintain access to Thai customers through a compliant operating structure.

Going forward, investors and industry participants will be watching the progress of the criminal investigation, the Ministry’s implementation of the December 5 restriction and the regulatory status of the GMO-Z acquisition. The case also carries a broader message for digital asset businesses: local market access increasingly depends on regulatory authorization, and expansion through acquisitions does not necessarily eliminate liabilities arising from earlier operations.