Hardware Ready Ready to Bench?
On November 5, the Securities and Exchange Commission (SEC) of Thailand announced that it had filed a criminal complaint against BG Limited, the company operating the Bitget cryptocurrency exchange. The charge concerns the management of an unauthorized trading service aimed at Thai users during the period between 2022 and 2025.
According to official communication number 241/2026, the platform offered trading systems, charged fees, and managed a website in Thai with values expressed in baht. The conduct was classified as a violation of the 2018 emergency regulation on digital asset businesses due to the lack of the necessary license.
Why it matters
The regulatory move comes while Bitget’s local acquisition remains uncertain. The Thai government has notified its intention to block access to the platform starting December 5, a tool already used in June 2025 against other unauthorized platforms such as Bybit and OKX.
Meanwhile, Bitget is proceeding with the acquisition of GMO-Z.com Cryptonomics (Thailand), a local exchange that already holds licenses. The operation is managed through BTGT Management (Thailand) Ltd and is subject to regulatory approval. Gracy Chen, CEO of Bitget, stated that Thailand represents an important part of the digital asset landscape in Southeast Asia and that the acquisition offers an excellent opportunity to establish local operations.
The numbers
The period of activity contested by the Thai SEC covers the years from 2022 to 2025. The scheduled date for blocking access to the platform is set for December 5. Regarding the acquisition, the stake held by GMO Internet Group in GMO-Z.com Cryptonomics (Thailand) is 49%, while that of GMO Internet’s Thai holding amounts to 50.94%. The original date planned for the share transfer was October 31, subsequently moved to November 30.
What remains to be understood
It is not yet clear whether the criminal complaint against BG Limited will hinder, slow down, or leave intact the proposal to acquire the licensed local operator. The SEC has not specified if the legal action will influence the outcome of the approval for the change of control of GMO-Z.com Cryptonomics (Thailand).
Sources: CoinDesk, Bitcoin Magazine.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
* Content created with the assistance of artificial intelligence systems.