Bitget to Acquire Licensed Thai Exchange GMO-Z.com Cryptonomics
Bitget targets Southeast Asian expansion by purchasing a licensed Thai crypto exchange entity.
1Strategic Acquisition in Thailand
Bitget announced plans to acquire GMO-Z.com Cryptonomics, a licensed digital asset exchange based in Bangkok. The transaction, facilitated through BTGT Management, aims to secure a local operating license in Thailand. This move follows GMO Internet’s decision to exit the Thai digital asset market, transferring its entire stake to the acquiring entity.
2Regulatory Hurdles and Licensing
The acquisition remains subject to approval from Thai regulators regarding the change of control. Currently, Bitget appears on the Thai SEC’s investor warning list as an unlicensed business. Successfully completing this purchase is essential for Bitget to transition from an unlicensed status to a fully regulated operator within the local Thai market.
3GMO Internet Market Withdrawal
The target company is a subsidiary of Japan’s GMO Internet Inc., which holds a 49% direct stake and a 50.94% interest through a Thai holding company. By transferring these shares, GMO Internet effectively ceases its digital asset operations in Thailand. The Japanese parent company previously provided loans and director support to the exchange.
4Context of Security Breach
This expansion effort follows a significant security incident on September 24, where Bitget reported losses of approximately $388 million from its hot and warm wallet infrastructure. The company attributed the breach to a third-party security vulnerability. Despite the financial impact, Bitget resumed bitcoin withdrawals by September 28, maintaining that customer balances remained unaffected.
5Thai Regulatory Landscape Evolution
Thailand continues to tighten oversight of foreign crypto platforms. Authorities previously blocked access to five unlicensed exchanges in June 2025, including OKX and Bybit. Simultaneously, the country is expanding regulated investment options, recently implementing rules on October 16 that allow bitcoin and ether exchange-traded funds to list on the local stock exchange.
6Operational History of Target
GMO-Z.com Cryptonomics launched its Z.com EX exchange on February 22, 2021, after receiving authorization from the Thai SEC and Ministry of Finance. The platform initially supported major assets including bitcoin, ether, XRP, and litecoin. These existing licenses represent the primary value proposition for Bitget’s proposed entry into the Thai financial ecosystem.
7Strategic Regional Expansion Goals
CEO Gracy Chen emphasized that building a sustainable presence requires deep local expertise and a clear understanding of the regulatory environment. By acquiring an established, licensed entity, Bitget aims to bypass the challenges of entering the market as a new player. The deal is expected to finalize around October 31, pending all necessary approvals.
8Broader Global Portfolio Adjustments
The Thai acquisition occurs alongside Bitget’s broader strategic shifts, including a planned exit from the Japanese market. The company set a December 31, 2026, deadline to stop serving customers in Japan. These simultaneous moves highlight a focused reallocation of resources toward markets where Bitget can secure or maintain a stable, licensed operational footprint.
Original article: Bitcoin News — Bitget to Acquire Licensed Thai Exchange GMO-Z.com Cryptonomics