Bitget has announced plans to acquire a licensed Thai cryptocurrency exchange, a move that could give the company a route to locally operated trading services in Thailand. The proposed transaction, announced Oct. 20, is subject to regulatory approval and other closing conditions.
Planned Acquisition Targets Licensed Thai Operations
The acquisition targets Bangkok-based GMO-Z.com Cryptonomics (Thailand) Co., Ltd., a licensed digital asset exchange and brokerage. Bitget would make the purchase through its interest in BTGT Management (Thailand) Ltd. The Thai business is a subsidiary of Japan’s GMO Internet Inc.
Under the agreement, GMO Internet Inc., its consolidated subsidiary GMO-Z.com Holdings (Thailand) Co., Ltd., and other shareholders would transfer their entire holdings in the target to BTGT Management and/or its designated entity at completion. A Sept. 24 disclosure lists GMO Internet’s direct ownership at 49%, alongside 50.94% held by its Thai holding company. The proposed transfer would reduce both holdings to zero, implementing GMO Internet’s decision to withdraw from Thailand’s digital asset business.
Bitget CEO Gracy Chen emphasized local operating knowledge in the company’s Oct. 20 explanation of the expansion: “Building a presence in a market requires local expertise, an understanding of the regulatory environment, and a long-term commitment to the market.”
Existing Licenses and Bitget’s Regulatory Status
The acquisition target has operated in Thailand for several years, having launched its Z.com EX exchange on Feb. 22, 2021. At the time, GMO confirmed authorization from Thailand’s Securities and Exchange Commission (SEC) and Ministry of Finance. Its initial lineup included bitcoin, ether, XRP, litecoin, bitcoin cash, and stellar.
The target company’s licenses are distinct from Bitget’s existing status under the Thai regulator’s investor warning system. An investor alert from the Thai SEC identifying Bitget as an unlicensed digital asset business remained listed with an Oct. 19 update. The proposed purchase still requires regulatory approval for the change of control before the planned platform introduction.
Thailand has also pursued restrictions against other overseas trading platforms operating without the required local digital asset licenses. Authorities scheduled access blocks against five unlicensed exchanges for June 28, 2025, covering Bybit, 1000X, Coinex, OKX, and XT.COM. The SEC urged affected investors to withdraw their assets before those restrictions.
Expansion Follows Thailand’s Push for Regulated Crypto Access and Bitget’s $388M Hack
The planned transaction comes as Thailand broadens regulated investment channels while maintaining approval requirements for individual financial products. New bitcoin and ether exchange-traded fund rules took effect Oct. 16, allowing eligible products to list on the Stock Exchange of Thailand. Asset managers still need SEC approval for each fund before trading begins.
The acquisition announcement also follows a Sept. 24 security breach that affected Bitget’s hot and warm wallet infrastructure. The company estimated approximately $388 million in losses and began restoring bitcoin withdrawals Sept. 28. It attributed the attack to compromised credentials obtained through a third-party security vulnerability and maintained that customer balances were unaffected.
Exchange services provide users with a venue to buy and sell cryptocurrencies, with access shaped by supported funding methods. Bitcoin trading can involve transferring funds to a platform and placing purchase or sale orders. For the Thai deal, GMO Internet’s Sept. 24 disclosure listed Oct. 31 as the expected effective date of the share transfer.
