The complaint, announced on November 5, accuses Bitget operator BG Limited of providing digital asset trading services without authorization between 2022 and 2025. The regulator has referred the allegations to the Economic Crime Suppression Division and notified the Ministry of Digital Economy and Society to restrict access to Bitget’s website, associated domains and application.
The enforcement action arrives as Bitget pursues the acquisition of GMO-Z.com Cryptonomics (Thailand), an existing licensed exchange and brokerage operator. Seller GMO Internet recently postponed the transaction’s expected completion from October 31 to November 30, just five days before the proposed platform block.
Why Did Thailand File a Criminal Complaint Against Bitget?
The Thai SEC alleges that Bitget operated a digital asset exchange without the license required under the country’s Emergency Decree on Digital Asset Businesses.
According to the regulator, the platform facilitated cryptocurrency trading, collected transaction fees and actively solicited Thai customers. Evidence cited includes a Thai-language website displaying asset values in Thai baht and promotional activities conducted through social media accounts on X, Telegram and TikTok.
The regulator also filed a complaint against Kritsana Kritsananuwat, alleging that he helped promote Bitget through the Facebook page Srisiam and the YouTube channel SRISIAM.
The allegations concern violations of Section 26 of the 2018 decree, with potential penalties under Section 66. The case remains at the investigation stage, and the complaint does not constitute a court finding of criminal liability.
The planned December 5 restriction is a separate administrative measure intended to prevent access to unlicensed exchanges. Authorities have advised customers holding assets on Bitget to consider taking action before the restrictions take effect.
Investor Takeaway
Bitget faces both a criminal investigation and an impending access restriction, potentially limiting its ability to serve Thai customers before its planned local acquisition closes.
Could the Complaint Affect Bitget’s GMO-Z Acquisition?
The regulatory action creates an unusual situation for Bitget, which announced plans on October 20 to acquire GMO-Z.com Cryptonomics through BTGT Management (Thailand), an investment company in which Bitget holds an undisclosed interest.
The target operates Z.com EX, a locally licensed cryptocurrency exchange and brokerage. Acquiring the business would provide Bitget with an existing regulatory and operational structure rather than requiring it to establish a new exchange from scratch.
However, completion remains subject to regulatory approval, including requirements governing changes in ownership and control of licensed digital asset operators.
GMO Internet’s October 30 disclosure confirmed that the anticipated share transfer had been postponed by one month to November 30. The Japanese company attributed the delay to ongoing discussions, applications and approval procedures with Thai authorities.
The postponement preceded the SEC’s November 5 complaint. Neither the regulator nor the companies has publicly established a connection between the enforcement action and the acquisition approval process.
The target’s financial position adds another consideration. GMO’s previously disclosed figures showed that GMO-Z.com Cryptonomics generated approximately 11 million baht in revenue during 2025 while recording a net loss of 87.6 million baht.
For Bitget, the commercial value of the transaction may lie primarily in acquiring access to a licensed operating structure. However, purchasing a licensed company would not automatically authorize Bitget’s existing offshore platform or resolve allegations concerning its previous activities.
Investor Takeaway
The acquisition’s regulatory approval is now the central uncertainty. A licensed local operator offers a route into Thailand, but the pending complaint could complicate the approval process.
What Happens to Bitget Customers Before December 5?
The SEC has urged existing users to consider arrangements for assets held on Bitget before the scheduled access restrictions begin.
The regulator has not announced that customer assets are frozen or that withdrawals have been suspended. However, restricting access to the exchange’s website and application could complicate account management, trading and withdrawals for users in Thailand.
Bitget’s terms of use, updated in October, already identify Thailand as a prohibited jurisdiction. That restriction does not resolve the regulator’s allegations concerning the company’s earlier marketing and trading activities.
Customers therefore face a practical deadline that is separate from the criminal investigation and acquisition process. The SEC has not indicated that completing the proposed GMO-Z transaction would automatically cancel the planned restrictions on Bitget’s existing platform.
How Does the Case Fit Thailand’s Crypto Enforcement Policy?
Thailand has previously taken similar action against overseas exchanges operating without domestic authorization. In May 2025, the SEC moved to block Bybit, OKX, CoinEx, 1000X and XT.COM, with restrictions scheduled to take effect the following month.
The approach contrasts with international exchanges entering Thailand through locally authorized operators. KuCoin launched its regulated Thai platform through ERX in June 2025, using an existing licensed business to establish a domestic presence.
Bitget is pursuing a comparable acquisition strategy, but its enforcement case introduces uncertainty that was not part of its original October expansion announcement.
The next relevant milestones are the November 30 scheduled share transfer and the December 5 platform restriction. The SEC has not disclosed whether the criminal complaint will affect the acquisition’s approval or whether any changes to the planned blocking arrangements are being considered.
Until those issues are clarified, Bitget’s proposed entry into Thailand remains dependent on two separate regulatory outcomes: whether authorities approve the acquisition of GMO-Z.com Cryptonomics and how they proceed with the allegations against its existing international platform.
