Thailand Targets Crypto Exchange Bitget With Criminal Complaint, Imminent Ban

Thailand’s securities regulator has filed a criminal complaint against the operator of the crypto exchange Bitget for running an unlicensed digital asset business, with plans to ban access within the country in December.

Allegations of Unlicensed Operations

Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against cryptocurrency exchange Bitget and a local promoter for allegedly operating and facilitating an unlicensed digital asset trading business. The move by the regulator came just weeks after Bitget revealed plans to acquire a licensed Thai crypto exchange.

According to the SEC, the complaint was filed with the Economic Crime Suppression Division against BG Limited, the operator of Bitget, and Kritsana Kritsananuwat, an individual accused of promoting the exchange’s services to Thai investors.

The regulator alleges that Bitget violated Thailand’s Emergency Decree on Digital Asset Businesses, which requires cryptocurrency exchanges serving the domestic market to obtain regulatory authorization. The enforcement action follows an investigation into Bitget’s activities between 2022 and 2025, during which the exchange allegedly provided cryptocurrency trading services to Thai customers without securing the necessary license.

In a statement, the regulator also identified promotional activities that it said demonstrated Bitget’s efforts to target the Thai market. These included a Thai-language website, the ability to display cryptocurrency values in Thai baht, and marketing campaigns conducted through social media platforms.

The regulator argued that these activities constituted operating a digital asset exchange under Section 3 of the Emergency Decree. Because Bitget allegedly lacked the required license, the SEC concluded that its operations violated Section 26 and were subject to penalties under Section 66.

Web Access Restrictions and Investor Warning

The investigation also implicated Kritsananuwat, whom the SEC accused of helping Bitget attract Thai customers through promotional content published on Facebook and YouTube.

The SEC said Kritsananuwat’s activities, which helped increase public awareness of Bitget and encouraged people to use the platform, constituted assisting or facilitating an unlicensed digital asset business. The regulator added that investigators will examine the allegations before prosecutors determine whether to pursue charges. Any subsequent adjudication will fall to the courts.

Beyond the criminal complaint, the SEC submitted information about Bitget’s website, associated domains, and mobile application to Thailand’s Ministry of Digital Economy and Society, requesting restrictions on access to the platform. The restrictions are scheduled to take effect Dec. 5, after which users in Thailand will be unable to access Bitget through the affected channels.

Meanwhile, the SEC urged investors holding cryptocurrencies or other digital assets on Bitget to review their positions and make appropriate arrangements before the deadline. The warning is intended to minimize potential disruptions to customers who could lose access to their accounts once the restrictions take effect.

The SEC also cautioned that investors using unlicensed cryptocurrency exchanges may not benefit from legal protections available to customers of regulated operators. Such platforms, it warned, could expose users to heightened risks involving fraud, scams, and money laundering.