CoinDesk
Thailand’s SEC has filed a criminal complaint against Bitget operator BG Limited, alleging it provided crypto trading services to Thai users without a license from 2022 to 2025. The regulator referred the case to police and asked the government to block Bitget’s website and app from Dec. 5, while urging users to plan for assets held on the platform before restrictions begin. The action comes as BTGT Management (Thailand), a Bitget-linked company, is due to take over licensed exchange and brokerage GMO-Z on Nov. 30, pending regulatory approval.
Why it matters
The complaint creates tension between Bitget’s offshore platform and its effort to enter Thailand through a licensed local exchange. The SEC says BG Limited charged trading fees, targeted Thai customers through a Thai-language website with prices in baht and had associated social media channels. Those details make the alleged local solicitation central to Thailand’s enforcement campaign against unlicensed crypto trading.
Thailand has taken similar action against offshore exchanges including Bybit and OKX. Bitget’s terms of use, last updated in October, already list Thailand as a prohibited country, yet the SEC alleges the operator sought and served Thai users during 2022 to 2025. The contrast makes the case broader than a terms-of-service dispute.
Market impact
For Bitget and Thai users, the clearest consequence is the scheduled cutoff of the website and app from Dec. 5. The SEC has asked customers to make arrangements for assets held on the platform before restrictions begin, while Bitget’s own terms already exclude Thailand.
Seller GMO Internet delayed the GMO-Z share transfer from Oct. 31 to Nov. 30, citing work tied to regulatory approvals. The revised transfer date falls five days before the planned block, placing the licensed acquisition and offshore platform restriction on overlapping timelines. The SEC has not said whether the criminal complaint could affect the acquisition, leaving Bitget’s regulated entry path and Thai platform access unresolved.
Frequently asked questions
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What does Thailand’s SEC allege Bitget’s operator did?
The SEC alleges that BG Limited offered crypto trading services to Thai users without a license from 2022 to 2025. It says the operator charged fees, used a Thai-language website with baht prices and had associated social media channels.
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When is Bitget’s Thai platform block scheduled to begin?
Authorities are set to block Bitget’s website and app from Dec. 5. The SEC referred the case to police and urged users to plan for assets held on the platform before restrictions begin.
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How was the GMO-Z acquisition tied to Bitget’s Thailand strategy?
A Bitget-linked buyer was due to take over licensed exchange and brokerage GMO-Z on Nov. 30, pending regulatory approval. The deal would give Bitget a regulated route into Thailand, but the SEC has not said whether its complaint affects the transaction.
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Why did GMO Internet delay the GMO-Z share transfer?
GMO Internet delayed the transfer from Oct. 31 to Nov. 30, citing work tied to regulatory approvals. The revised date falls five days before the planned Bitget platform block.
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Has Thailand blocked other offshore crypto exchanges before?
Thailand has taken similar action against offshore exchanges including Bybit and OKX as part of its crackdown on unlicensed crypto trading. Bitget’s terms already list Thailand as a prohibited country, despite the SEC’s allegations about activity from 2022 to 2025.
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