Thailand’s SEC moves to block Bitget over unlicensed trading

Thailand’s Securities and Exchange Commission filed a criminal complaint against BG Limited, the company operating crypto exchange Bitget. It alleges that BG Limited offered trading services in Thailand without the required license. The regulator has also asked authorities to block Bitget’s website and app starting December 5.

The alleged activity covered 2022 to 2025. The SEC said Bitget charged trading fees and targeted Thai users through a Thai-language website displaying prices in baht. These details support the regulator’s view that Bitget was actively serving people in Thailand rather than merely being accessible there.

The action is part of a wider enforcement effort against unlicensed offshore platforms. The SEC urged Thai users to arrange what happens to assets held on Bitget before access restrictions begin. Bitget is also seeking a possible licensed route by acquiring GMO-Z.com, a Thai crypto exchange that already holds a license.

A digital asset exchange is a platform that brings together people who want to buy or sell cryptocurrencies and other digital assets. It typically displays available prices and matches compatible orders. Users may then hold assets on the platform or move them elsewhere, depending on the service. The article identifies Bitget as a crypto exchange serving Thai users.

A license is official authorization from the relevant regulator to provide those services in a jurisdiction. It means the exchange has met that jurisdiction’s stated regulatory conditions. The article does not list Thailand’s specific licensing tests, but it clearly states that exchanges, brokers, and dealers must be licensed there.

That distinction matters because an exchange can be available online without being legally authorized to serve local customers. Thailand’s SEC alleges Bitget offered trading services from 2022 to 2025 without a Thai license. Its complaint and requested website and app block seek to enforce that requirement.

Thailand’s SEC alleges that Bitget offered trading services in the country from 2022 to 2025 without a license. Those are the start and end years identified in the regulator’s complaint. The article does not provide exact start or end dates within those years, so the allegation describes a period rather than a precise number of days.

The SEC says Bitget charged trading fees during this period. It also says the exchange targeted Thai users through a Thai-language website that showed prices in baht. Those features are the concrete examples the regulator gives for Bitget’s alleged activity in Thailand.

The allegation matters because Thailand requires digital asset exchanges, brokers, and dealers to hold licenses. The SEC has filed a criminal complaint against BG Limited, Bitget’s operator, and asked authorities to block Bitget’s website and app from December 5. Users were urged to make arrangements for assets held there.

Thailand requires digital asset exchanges, brokers, and dealers to obtain licenses before operating in the market. A license is a regulator’s formal approval for a business to provide specified services under local rules. The article gives the requirement, but it does not state the SEC’s detailed reasons for creating it.

In general, licensing gives authorities a way to identify and supervise businesses serving local customers. It can also establish conditions for operating, reporting, and handling customer relationships. These are general purposes of financial licensing, not specific reasons quoted from Thailand’s SEC in this article.

The rule matters in Bitget’s case because the SEC alleges BG Limited offered trading services without a license from 2022 to 2025. The regulator says Bitget charged fees and targeted Thai users through a Thai-language, baht-priced website. It has filed a criminal complaint and sought access restrictions against the platform.

If authorities block Bitget’s website and app, Thai users may no longer be able to access the platform through those channels. The article does not specify how the block would work or whether users could still withdraw funds. It does make clear that access restrictions are expected to begin on December 5.

The SEC therefore urged users to make arrangements for assets held on Bitget before the restrictions begin. This warning is important because assets kept on an exchange may depend on access to that platform for management or transfer. The article does not say that users will lose their assets, so that outcome should not be assumed.

The possible block follows a criminal complaint against BG Limited, Bitget’s operator. The SEC alleges Bitget offered unlicensed trading services in Thailand from 2022 to 2025. The case also comes during wider enforcement against offshore platforms, including Bybit and CoinEx.

Bitget is seeking approval to acquire GMO-Z.com, a crypto exchange that is already licensed in Thailand. The proposed buyer is BTGT Management (Thailand), which is linked to Bitget. If approved and completed, the transaction could connect Bitget with a business that already has permission to operate in the Thai market.

The key mechanism is the licensed local entity. Rather than offering services directly through an unlicensed offshore platform, Bitget could potentially use the acquired exchange’s existing Thai authorization. That could provide a legal route into the market, subject to approval and any conditions attached to the deal. The article does not describe those conditions.

This possibility sits alongside the SEC’s complaint against BG Limited. The regulator alleges Bitget offered trading services without a license from 2022 to 2025 and wants its website and app blocked. The acquisition is therefore a possible future route, not confirmation that Bitget is currently licensed.

A cryptocurrency exchange is a marketplace for digital-asset trades. Buyers submit orders stating what they want to purchase, while sellers offer assets at particular prices. The exchange’s system matches compatible orders, allowing the transaction to happen through one platform. Bitget is described in the article as a crypto exchange serving Thai users.

The exchange can charge a trading fee when a buyer and seller complete a transaction. Fees may be calculated as a percentage or a set amount, although the article gives no specific Bitget fee rate. Thailand’s SEC said Bitget charged trading fees while allegedly offering services in the country without a license.

This model explains why the regulator focused on Bitget’s activity rather than only its website. The SEC also cited a Thai-language website and prices displayed in baht as evidence that Thai users were being targeted. Thailand requires exchanges, brokers, and dealers to be licensed before providing such services.