The Securities and Exchange Commission (SEC) of Thailand has officially filed a criminal complaint against BG Limited, the operator of the cryptocurrency exchange Bitget. The SEC alleges that the company operated an unlicensed digital-asset exchange for Thai users over a three-year period from 2022 to 2025. Furthermore, the SEC has notified the relevant government authorities to initiate access restrictions on the platform, effective December 5.
The complaint, submitted to the Economic Crime Suppression Division, also identifies Mr. Kritsana Kritsananuwat as an alleged supporter who promoted Bitget through social media platforms such as Facebook and YouTube, as outlined in the SEC’s statement No. 241/2026.
During the identified period, the SEC’s investigation revealed that Bitget provided a trading system in the ordinary course of business, charged transaction fees, maintained a Thai-language website displaying values in baht, and actively solicited Thai users via social media channels, including “Bitget Thailand” on X, “BGB Thai Holder” on Telegram, and “bitgetthailand” on TikTok.
Such activities constitute the operation of a digital-asset exchange as defined under Section 3 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), occurring without a requisite license, thereby violating Section 26 and subject to penalties under Section 66. The matter will now proceed to an inquiry official prior to moving onto prosecutors and potentially the courts.
In a separate action, the SEC has submitted materials related to Bitget’s website, other domains, and its app to the Ministry of Digital Economy and Society. This action follows a royal decree enacted in 2025 that empowers access blocks on unlicensed trading platforms. Consequently, public access to Bitget is set to be restricted from December 5, and investors holding assets on the platform have been advised to take appropriate action prior to the cutoff.
Navigating a Licensed Path Amidst Criminal Proceedings
This enforcement initiative occurs shortly after Bitget announced its intention to acquire GMO-Z.com Cryptonomics (Thailand), an established digital-asset exchange and brokerage holding the necessary Thai licenses, through its interests in BTGT Management (Thailand) Ltd.
Under the terms of the proposed deal, GMO Internet and its Thai subsidiary are set to transfer their entire stakes in GMO-Z—approximately 49% and 50.94%, respectively—to BTGT or an appointed designee at the closing of the transaction, as indicated in a filing submitted by GMO Internet on September 24. While Bitget has expressed optimism regarding completing the acquisition and introducing its trading services in compliance with local regulations, it remains contingent upon obtaining regulatory approval.
Bitget CEO Gracy Chen emphasized the significance of Thailand in the digital asset landscape of Southeast Asia, noting that this acquisition presents a substantial opportunity for establishing local operations.
However, the timeline for this transaction has already experienced delays. The GMO Internet Group has postponed the effective date of the share transfer from October 31 to November 30, attributing this delay to thorough preparations concerning Thai regulatory applications and closure procedures. This revised date falls just five days before the planned access block by Bitget.
According to a report by CoinDesk, Bitget’s updated terms of use in October already classify Thailand as a jurisdiction in which its services are prohibited. The SEC has yet to clarify if the criminal complaint will have implications for the change of control related to GMO-Z.
Implications of the Access Block
Thailand has previously utilized similar access-blocking measures. In mid-2025, the SEC subjected Bybit, OKX, and three other unlicensed platforms to a cutoff on June 28, advising users to relocate their assets beforehand. This recent action against Bitget follows that precedent and further includes a criminal complaint against the platform’s operator and a named promoter.
Licensed exchanges continue to be pivotal within Bangkok’s regulatory framework, with Thailand having recently approved a multi-year capital-gains tax exemption exclusively for trades conducted on SEC-regulated platforms. Conversely, unlicensed platforms face investor alerts, access restrictions, and in Bitget’s case, a police referral.
Uncertainty remains regarding whether the criminal case against BG Limited for the 2022–2025 period will hinder, lengthen, or have no effect on BTGT’s acquisition of a licensed local operator. The SEC’s statement does not address GMO-Z’s status directly, and Bitget has not publicly responded to the criminal complaint alongside its acquisition announcement.
For Thai users currently engaged with Bitget, the operative deadline is December 5. For Bitget, the crucial test is whether the postponed share transfer on November 30 will secure a licensed entry into Thailand or whether the submitted complaint will complicate this prospective regulatory path.
Thank you for visiting our site. You can get the latest Information and Editorials on our site regarding bitcoins.
