Thailand SEC Files Criminal Complaint Against Bitget Ahead of Dec. 5 Access Block

On Thursday, Thailand’s Securities and Exchange Commission lodged a criminal complaint against BG Limited, the entity operating the cryptocurrency exchange Bitget. The regulator alleges that the company ran an unlicensed digital-asset exchange for Thai residents from 2022 to 2025. Additionally, the SEC notified the government of its intention to block access to the platform starting on Dec. 5.

According to the SEC’s statement No. 241/2026, the complaint was filed with the Economic Crime Suppression Division. It also identifies Mr. Kritsana Kritsananuwat as an alleged supporter who promoted Bitget via Facebook and YouTube channels.

The regulator determined that between 2022 and 2025, Bitget operated a trading system as part of its regular business activities. The platform charged fees, maintained a Thai-language website capable of displaying values in baht, and actively solicited Thai users through social media channels. "Bitget Thailand" on X, "BGB Thai Holder" on Telegram and "bitgetthailand" on TikTok.

The SEC stated that this conduct constitutes operating a digital-asset exchange without a license under Section 3 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). This violates Section 26, which is punishable under Section 66. The case will now proceed to an inquiry official, followed by prosecutors and the courts.

In a separate action, the SEC submitted Bitget’s website, associated domains, and its mobile app to the Ministry of Digital Economy and Society. This move utilizes a 2025 royal decree that grants authority to block access to unlicensed trading platforms. Beginning on Dec. 5, the public "will be unable to access the platform," the statement said, and investors still holding assets there were told to consider acting before the cutoff.

A licensed path that now sits next to a criminal case

This enforcement action occurs weeks after Bitget announced a planned acquisition of GMO-Z.com Cryptonomics (Thailand). This Bangkok-based digital-asset exchange and brokerage already holds the necessary Thai licenses. The acquisition is being pursued through Bitget’s interest in BTGT Management (Thailand) Ltd.

According to a Sept. 24 filing by GMO Internet, GMO Internet and its Thai holding company would transfer their entire stakes in GMO-Z—approximately 49% and 50.94% respectively—to BTGT or a designated entity upon completion. Bitget stated that completion remains subject to regulatory approval. Following a change-of-control nod, the company intends to introduce its trading platform to Thai users in compliance with 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 experienced delays. GMO Internet Group moved the effective date of the share transfer from Oct. 31 to Nov. 30, citing the need for careful work on Thai regulatory applications and closing procedures. This revised date falls five days before the planned Bitget access block.

CoinDesk reported that Bitget’s terms of use, updated in October, already list Thailand among jurisdictions where its services are prohibited. Furthermore, the SEC has not indicated whether the criminal complaint will impact the GMO-Z change of control.

What the block does and does not settle

Thailand has previously employed this same access-blocking mechanism. In mid-2025, the SEC referred Bybit, OKX, and three other unlicensed platforms for a June 28 cutoff, advising users to move their assets beforehand. The Bitget action follows this established template but adds a criminal complaint against the exchange operator and a named promoter.

Licensed venues remain central to Bangkok’s policy framework. Thailand has approved a multi-year capital-gains tax break exclusively for trades conducted on SEC-regulated platforms and has been expanding regulated crypto products in derivatives and capital markets. Unlicensed platforms receive contrasting treatment, including investor alerts, access blocks, and now, in Bitget’s case, a police referral.

It remains unclear whether a criminal case against BG Limited for the 2022–2025 period bars, slows, or leaves untouched BTGT’s bid to acquire a licensed local operator. The SEC statement does not mention GMO-Z. Bitget has not publicly responded to the complaint in a statement posted alongside the acquisition release.

For Thai users still on Bitget, the practical deadline 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.