Thailand SEC Takes Bitget to Court, Orders Platform Blockade From Dec. 5

Thailand's Securities and Exchange Commission lodged a criminal complaint Thursday with the Economic Crime Suppression Division against BG Limited, the firm running crypto exchange Bitget, for allegedly operating an unlicensed digital-asset trading venue for Thai users between 2022 and 2025. The regulator also notified the government to block access to the platform starting Dec. 5.

The complaint additionally names Kritsana Kritsananuwat as an alleged accomplice who promoted Bitget via Facebook and YouTube channels, the SEC stated in its press release No. 241/2026.

According to the regulator, from 2022 through 2025 Bitget ran a trading system as part of its regular business, charged fees, maintained a Thai-language website displaying prices in baht, and solicited Thai users on social channels such as “Bitget Thailand” on X, “BGB Thai Holder” on Telegram and “bitgetthailand” on TikTok.

The SEC said this activity qualifies as running a digital-asset exchange under Section 3 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) without a license, violating Section 26 and punishable under Section 66. The case now proceeds to an inquiry official, then to prosecutors and the courts.

Separately, the SEC submitted Bitget's website, other domains and its app to the Ministry of Digital Economy and Society under a 2025 royal decree that allows access blocks on unlicensed trading platforms. From Dec. 5 the public “will be unable to access the platform,” the statement said, and investors still holding assets there were advised to consider acting before the cutoff.

A licensed path that now sits next to a criminal case

The enforcement action comes weeks after Bitget announced a planned acquisition of GMO-Z.com Cryptonomics (Thailand), a Bangkok-based digital-asset exchange and brokerage that already holds Thai licenses, through its interest in BTGT Management (Thailand) Ltd.

Under that deal, GMO Internet and its Thai holding company would transfer their entire stake in GMO-Z — roughly 49% and 50.94%, respectively — to BTGT or a designee upon completion, according to a Sept. 24 GMO Internet filing. Bitget said completion remains subject to regulatory approval and, after a change-of-control nod, it intends to introduce its trading platform to Thai users under local rules.

“Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations,” Bitget CEO Gracy Chen said in the Oct. 20 release.

The timeline has already slipped. GMO Internet Group pushed the effective date of the share transfer from Oct. 31 to Nov. 30, citing careful work on Thai regulatory applications and closing procedures. That revised date falls five days before the planned Bitget access block.

CoinDesk reported that Bitget's own terms of use, updated in October, already list Thailand among jurisdictions where its services are prohibited, and that the SEC has not said whether the criminal complaint will weigh on the GMO-Z change of control.

What the block does and does not settle

Thailand has used the same access-blocking tool before. In mid-2025 the SEC referred Bybit, OKX and three other unlicensed platforms for a June 28 cutoff, telling users to move assets first. The Bitget action follows that template — and adds a criminal complaint against the exchange operator and a named promoter.

Licensed venues still sit at the center of Bangkok’s policy mix. Thailand has approved a multi-year capital-gains tax break only for trades on SEC-regulated platforms, and has been expanding regulated crypto products in derivatives and capital markets. Unlicensed platforms get the opposite treatment: investor alerts, access blocks and, now for Bitget, a police referral.

What is not yet clear is whether a criminal case against BG Limited for the 2022–2025 period bars, slows or leaves untouched BTGT’s bid to take over a licensed local operator. The SEC statement does not mention GMO-Z. Bitget has not publicly answered the complaint in a statement posted with the acquisition release.

For Thai users still on Bitget, the practical clock is Dec. 5. For Bitget, the test is whether Nov. 30 closes a regulated door into Thailand — or whether the complaint filed Thursday makes that licensed path the next question the ECD and the SEC have to answer.