Thailand moves to block Bitget as crypto exchange's local acquisition faces uncertainty

Thailand's securities regulator has filed a criminal complaint against crypto exchange Bitget and moved to block its platform from Dec. 5, casting uncertainty over the company's bid to enter the market through a licensed local exchange.

The Securities and Exchange Commission (SEC) saidthat Bitget's operator, BG Limited, offered crypto trading services in Thailand without a license from 2022 to 2025.

The regulator said Bitget charged trading fees and sought Thai customers through a Thai-language website that showed prices in the country’s fiat currency, baht, while having associated social media channels.

The SEC referred the case to police and asked the government to block Bitget's website and app from Dec. 5, while urging users to make plans for assets held on the platform before the restrictions kick in.

Bitget's terms of use, last updated in October, already list Thailand among countries where its services are prohibited.

The move comes as Bitget seeks approval to acquire GMO-Z, a licensed crypto exchange and brokerage, through BTGT Management (Thailand), a company linked to Bitget.

The deal would give Bitget a regulated route into Thailand's crypto market. Seller GMO Internet delayed the share transfer from Oct. 31 to Nov. 30, citing work tied to regulatory approvals.

That puts the revised deal date five days before the planned block. The SEC has not said whether its complaint could affect the acquisition.

Thailand has taken similar action against offshore exchanges, including Bybit and OKX, as part of its crackdown on unlicensed crypto trading.

Bitget, GMO Internet and the SEC did not respond to requests for comment.