Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint on Thursday against BG Limited, the operator of cryptocurrency exchange Bitget, alleging it ran an unlicensed digital-asset business for Thai users from 2022 to 2025. The regulator also notified the government to block access to the Bitget platform effective December 5.
The complaint was lodged with the Economic Crime Suppression Division. It names Mr. Kritsana Kritsananuwat as an alleged supporter who promoted the exchange through Facebook and YouTube channels. The case will now proceed to an inquiry official, followed by prosecutors and the courts.
Alleged Unlicensed Operations
The SEC stated that Bitget operated a trading system in the ordinary course of business, charged fees, and maintained a Thai-language website capable of displaying values in baht. Between 2022 and 2025, the platform allegedly solicited Thai users via social media channels, including accounts identified as “Bitget Thailand” on X, “BGB Thai Holder” on Telegram, and “bitgetthailand” on TikTok.
According to the regulator, 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). The alleged violation falls under Section 26 of the decree and is punishable under Section 66.
To enforce the upcoming restriction, the SEC submitted Bitget’s website, associated domains, and its mobile application to the Ministry of Digital Economy and Society. The request relies on a 2025 royal decree that authorizes authorities to block access to unlicensed trading platforms. Investors currently holding assets on Bitget were advised to consider acting before the December 5 cutoff.
Pending Acquisition of Licensed Entity
The enforcement action occurs weeks after Bitget announced a planned acquisition of GMO-Z.com Cryptonomics (Thailand), a Bangkok-based digital-asset exchange and brokerage that holds valid Thai licenses. The deal is structured through Bitget’s interest in BTGT Management (Thailand) Ltd.
Under the agreement, GMO Internet and its Thai holding company would transfer their entire stakes in GMO-Z—approximately 49 percent and 50.94 percent, respectively—to BTGT or a designee upon completion. GMO Internet Group recently delayed the effective date of the share transfer from October 31 to November 30, citing the need for careful work on regulatory applications and closing procedures.
Bitget CEO Gracy Chen stated in an October 20 release that the acquisition provides an opportunity to establish local operations in Thailand, which she described as an important part of Southeast Asia’s digital asset landscape. The company noted that completion remains subject to regulatory approval and that it intends to introduce its trading platform to Thai users under local rules following a change-of-control nod.
It remains unclear whether the criminal case against BG Limited for activities between 2022 and 2025 will bar, slow, or leave untouched BTGT’s bid to take over the licensed local operator. Thailand currently offers a multi-year capital-gains tax break exclusively for trades conducted on SEC-regulated platforms. In mid-2025, the SEC referred Bybit, OKX, and three other unlicensed platforms for a June 28 access cutoff, similarly instructing users to move their assets beforehand.
