Thailand SEC Files Complaint Against Bitget, Sets Dec. 5 Block
Thailand's SEC has filed a criminal complaint against Bitget operator BG Limited and asked the digital ministry to block the exchange from Dec. 5, while Bitget's purchase of licensed GMO-Z.com Cryptonomics (Thailand) awaits approval.
Thai users of Bitget have one month to decide what to do with their assets: Thailand's Securities and Exchange Commission said on Nov. 5 that it has filed a criminal complaint against BG Limited, the exchange's operator, over allegedly unlicensed trading, and has asked the digital ministry to block access to the platform from Dec. 5.
According to the SEC's notice, the Ministry of Digital Economy and Society has been notified to cut off Bitget's website, associated domains and mobile app. The regulator urged users to take action regarding assets held on the platform before access is blocked.
What the SEC alleges
The regulator says Bitget provided trading services and charged fees between 2022 and 2025 without the required license. As evidence of the platform's local activity, it cites a Thai-language website, baht-denominated display options and Thai-language promotions.
The complaint also names Kritsana Kritsananuwat, whom the SEC accuses of helping promote Bitget through the Srisiam Facebook page and the SRISIAM YouTube channel. It is not his first brush with the regulator: the SEC previously accused him of helping promote OKX without a license in March 2025.
Two separate tracks
The complaint went to the Economic Crime Suppression Division, and it opens a criminal process that runs through investigation, prosecution and court adjudication. Prosecutors decide whether to bring charges, and courts determine liability; a complaint is the first step in that sequence, not a finding.
The access block is a different mechanism altogether. It runs through referral to the digital ministry under a 2025 technology-crimes decree that authorizes blocking unlicensed digital asset platforms. Think of it as one lane addressing past conduct and another controlling present access, each moving on its own clock.
The licensed route still pending
Bitget is at the same time pursuing a licensed entry. On Oct. 20 it announced, through its interest in BTGT Management (Thailand), a planned purchase of licensed exchange and brokerage GMO-Z.com Cryptonomics (Thailand), subject to regulatory approval and other conditions. Bitget CEO Gracy Chen said:
"Thailand is an important part of Southeast Asia's digital asset landscape, and this acquisition gives us a great opportunity to establish local operations,"
Gracy Chen, Bitget CEO
Seller GMO Internet's Oct. 30 update moved the scheduled share transfer from Oct. 31 to Nov. 30, citing applications, approvals and other completion procedures in Thailand. That date falls before the Dec. 5 cutoff. The SEC's Nov. 5 notice does not announce any decision on the acquisition, and Bitget plans to launch a locally operated platform only after completion and change-of-control approval.
Context
The action lands as Thai authorities step up enforcement against unlicensed trading platforms. Thailand introduced its exchange licensing framework in 2018 and tightened the rules in April 2025 to explicitly cover foreign platforms targeting Thai users, adding stronger blocking powers. The SEC has also filed a criminal complaint against Bitkub over a $50M hack cover-up.
What the two tracks mean for each other is the open question. The SEC's notice says nothing about how a completed acquisition would bear on the block, so for now the regulator's instruction stands on its own: users should act on assets held on Bitget before Dec. 5.
