Thailand’s Securities and Exchange Commission initiated a criminal complaint Thursday against BG Limited—the firm operating the Bitget cryptocurrency exchange—accusing it of running an unlicensed digital-asset exchange for users in Thailand from 2022 to 2025, while also instructing the government to block the platform effective Dec. 5.
As detailed in statement No. 241/2026, the complaint filed with the Economic Crime Suppression Division additionally targets Mr. Kritsana Kritsananuwat for allegedly acting as a supporter who marketed Bitget across YouTube and Facebook channels.
Between 2022 and 2025, investigators determined that Bitget operated a trading system in its regular course of business, charged fees, maintained a Thai-language website displaying values in baht, and marketed to local users via social channels such as the “Bitget Thailand” account on X, the “BGB Thai Holder” group on Telegram, and “bitgetthailand” on TikTok.
The regulator noted that such activities constitute operating a digital-asset exchange without a license under Section 3 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), breaching Section 26 and carrying penalties under Section 66. The matter will now proceed to an inquiry official, followed by prosecutors and the courts.
Additionally, the SEC forwarded Bitget’s mobile app, main website, and alternate domains to the Ministry of Digital Economy and Society, utilizing a 2025 royal decree that permits the restriction of unauthorized trading platforms. The announcement stated that the public “will be unable to access the platform” beginning Dec. 5, advising any investors still keeping assets there to consider taking action prior to the deadline.
A licensed path that now sits next to a criminal case
This enforcement action arrives mere weeks after Bitget announced through its stake in BTGT Management (Thailand) Ltd. that it plans to acquire GMO-Z.com Cryptonomics (Thailand)—a Bangkok-based digital-asset exchange and brokerage holding pre-existing Thai licenses.
A filing from GMO Internet on Sept. 24 indicated that under the agreement, GMO Internet and its local holding company would transfer their combined stakes in GMO-Z—roughly 49% and 50.94% respectively—to BTGT or a designated party upon completion. Bitget noted that finalizing the deal depends on regulatory clearance, after which it plans to launch its trading platform for Thai customers in compliance with local regulations once a change-of-control approval is secured.
“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 stated in the Oct. 20 press release.
The schedule has already been delayed, with GMO Internet Group moving the target effective date for the share transfer from Oct. 31 to Nov. 30, pointing to thorough work regarding closing processes and Thai regulatory filings. This updated date occurs five days prior to the scheduled Bitget access block.
According to CoinDesk, Bitget revised its terms of use in October to explicitly designate Thailand among the regions where its services are banned, and the SEC has not clarified whether the criminal filing will impact the GMO-Z change of control.
What the block does and does not settle
Thailand has previously deployed this type of access-blocking measure. In mid-2025, the SEC targeted OKX, Bybit, and three other unauthorized platforms for a June 28 cutoff, instructing clients to withdraw their funds beforehand. The action against Bitget mirrors this strategy while incorporating a criminal complaint directed at both the exchange operator and a specific promoter.
Meanwhile, regulated exchanges remain foundational to Bangkok’s regulatory approach. Thailand has extended a multi-year capital-gains tax exemption exclusively for transactions conducted on platforms approved by the SEC, alongside broadening authorized crypto products in capital markets and derivatives. Conversely, unauthorized platforms face investor warnings, access restrictions, and now—in Bitget’s case—a referral to law enforcement.
It remains unclear whether the criminal charges against BG Limited covering the 2002–2025 timeframe will halt, delay, or leave unaffected BTGT’s attempt to acquire a licensed domestic operator, as the SEC statement omits any reference to GMO-Z. Bitget has not publicly addressed the complaint within any announcements accompanying the acquisition news.
For Thai traders still utilizing Bitget, the definitive deadline is Dec. 5. For Bitget, the challenge is whether the Nov. 30 date finalizes a legitimate entry point into Thailand—or if the criminal complaint lodged Thursday turns that licensed avenue into the next hurdle for the ECD and the SEC to resolve.
Frequently Asked Questions
Why did the Thailand SEC file a criminal complaint against Bitget?
The SEC alleged that BG Limited, the operator of Bitget, ran an unlicensed digital-asset exchange for Thai users from 2022 to 2025 without the required authorization under local emergency decrees.
When will Bitget be blocked in Thailand?
Access to the Bitget platform is scheduled to be blocked starting December 5.
Who else was named in the SEC complaint?
Mr. Kritsana Kritsananuwat was named as an alleged supporter who promoted Bitget through YouTube and Facebook channels.
Does Bitget have a legal way to operate in Thailand?
Bitget has pursued an acquisition of the licensed Thai exchange and brokerage GMO-Z.com Cryptonomics (Thailand) through BTGT Management (Thailand) Ltd., though regulatory approvals and closing dates remain ongoing.
