Thailand to Block Bitget Exchange in December Over Unlicensed Trading

Thailand Escalates Enforcement Against Unlicensed Exchanges

Thailand’s Securities and Exchange Commission (SEC) has intensified its digital asset regulatory efforts by targeting the global cryptocurrency exchange Bitget for unlicensed trading operations. According to the SEC, the Ministry of Digital Economy and Society will block all access to Bitget’s platform beginning December 5, 2026, following a criminal complaint filed against BG Limited, Bitget’s operator. The enforcement action will restrict access to Bitget’s website, associated domains, and mobile application, effectively preventing Thai users from accessing the trading service. Regulators advised users to secure their holdings on the platform before the deadline takes effect.

Unlicensed Operations Spanning Multiple Years

The SEC determined that Bitget conducted cryptocurrency trading services for Thai customers over a three-year period from 2022 through 2025, collecting trading fees while actively promoting its services in Thai language across its website and social media channels. These activities violated Thailand’s mandatory licensing requirements for digital asset businesses, initially established in 2018 and significantly strengthened in April 2025 to specifically address foreign cryptocurrency platforms operating within Thailand. Recent amendments to Thailand’s cybercrime law expanded government enforcement authority, enabling authorities to more readily block access to unauthorized platforms.

The enforcement action expanded to include a criminal complaint against Kritsana Kritsananuwat for allegedly promoting Bitget through Facebook and YouTube channels. Notably, this same individual faced criminal charges in March 2025 for similar promotional activities related to OKX’s unauthorized exchange operations. The pattern of repeat enforcement suggests Thai regulators are taking a hardline stance against individuals marketing unlicensed platforms to domestic users.

Bitget’s Compliance Strategy

Bitget appears to have anticipated stricter enforcement by announcing acquisition plans on October 20 targeting GMO-Z.com Cryptonomics, a fully licensed Thai cryptocurrency exchange and brokerage. Through its subsidiary BTGT Management (Thailand), Bitget stated it would acquire the licensed operator to establish legitimate operations within Thailand’s regulated market. Bitget CEO Gracy Chen emphasized the company’s strategic interest in the Thai market during the announcement, noting that Thailand represents an important component of Southeast Asia’s digital asset landscape and that the acquisition provides an opportunity to establish proper local operations.

The proposed acquisition remains conditional on regulatory approval and other contingencies. Bitget had indicated plans to introduce its trading platform to Thai users following completion of the acquisition and regulatory approval of the ownership transition. The December 5 deadline now creates urgency for resolving the licensing question through either the planned acquisition or alternative compliance pathways.

The SEC referred its criminal complaint to Thailand’s Economic Crime Suppression Division for investigation. Prosecutors will determine whether to pursue formal charges, with courts ultimately deciding on criminal liability. Bitget has not yet publicly responded to the enforcement action or the access block.

Thailand’s regulatory action illustrates the mounting pressure on cryptocurrency exchanges globally to obtain proper licensing, with non-compliance now resulting in direct access restrictions that could reshape market access across Southeast Asia.

Source: Thailand Securities and Exchange Commission, via Cointelegraph. Not financial advice.