Thailand to Block Bitget Access Over Unlicensed Crypto Trading
Regulators initiate criminal proceedings against the exchange operator for unauthorized digital asset services.
1Regulatory Crackdown Initiated
Thailand’s Securities and Exchange Commission has filed a formal criminal complaint against BG Limited, the operator of the Bitget cryptocurrency exchange. The regulator notified the Ministry of Digital Economy and Society to restrict access to the platform starting December 5. This action targets the exchange's website, associated domains, and its mobile application.
2Unauthorized Trading Allegations
The SEC alleges that Bitget provided cryptocurrency trading services to Thai residents between 2022 and 2025 without the required authorization. The platform reportedly charged trading fees and actively promoted its services through Thai-language social media channels. These activities directly violated the digital asset business licensing requirements established by the national financial regulator.
3User Asset Warning
Following the announcement of the impending block, the Thai regulator issued a formal advisory to all platform users. Investors holding digital assets on Bitget are urged to take immediate action regarding their holdings before the December 5 deadline. The SEC has not provided specific guidance on recovery processes for assets left on the platform.
4Promoter Under Scrutiny
The criminal complaint also names Kritsana Kritsananuwat, an individual accused of promoting Bitget via Facebook and YouTube. This is not his first encounter with authorities; he was previously named in a March 2025 complaint regarding the promotion of unlicensed activities for the OKX exchange. Attempts to reach him for comment have remained unsuccessful.
5Tightening Legal Framework
Thailand implemented digital asset licensing requirements in 2018 to oversee the growing market. Regulations were further strengthened in April 2025 to specifically cover foreign platforms targeting local users. Additionally, recent amendments to cybercrime legislation have simplified the process for the Ministry of Digital Economy and Society to block access to unlicensed entities.
6Pending Acquisition Conflict
The regulatory action follows Bitget’s October 20 announcement regarding plans to acquire GMO-Z.com Cryptonomics, a locally licensed exchange. Bitget intended to enter the Thai market legally through this transaction. However, the acquisition remains subject to regulatory approval and other conditions, which now face significant uncertainty due to the ongoing criminal complaint proceedings.
7Investigation and Prosecution
The SEC has submitted the complaint to Thailand’s Economic Crime Suppression Division for a thorough investigation. Following this, public prosecutors will evaluate the evidence to determine if formal charges should be brought against the operator. Ultimately, the Thai courts will be responsible for determining the extent of criminal liability for the platform's actions.
8Market Impact Assessment
This enforcement action highlights the increasing pressure on international crypto exchanges to comply with local licensing mandates in Southeast Asia. As Thailand solidifies its digital asset landscape, foreign firms must navigate complex regulatory environments. The outcome of this case will likely serve as a precedent for other platforms seeking to operate within the country.