Thailand’s Securities and Exchange Commission has filed a criminal complaint against BG Limited, the operator of the Bitget platform, and one individual, while also asking the Ministry of Digital Economy and Society to block access to Bitget’s website, related domains and mobile app from December 5.

The regulator alleges Bitget ran an unlicensed digital asset exchange for Thai users between 2022 and 2025. Bitget said it is reviewing the SEC’s announcement and considering how to engage with the regulator. The move lands as the exchange waits for approval of its planned purchase of a licensed Thai platform.

Complaint sent for investigation

According to the SEC, the matter has been referred to the Economic Crime Suppression Division for investigation. Any decision on charges would still have to move through prosecutors and the courts, meaning the complaint itself does not establish liability.

The regulator said users should manage their assets before the planned block takes effect. It also warned that customers using unlicensed operators do not receive the same protections and may face risks including fraud and money laundering.

How the regulator says Bitget operated

The SEC alleges that from 2022 through 2025 Bitget operated a digital asset trading system, charged fees and targeted Thai customers without a local license. Among the points cited were a Thai-language website and price displays in baht.

The regulator also said Bitget promoted its services to Thai users through its website and social media channels, naming accounts including “Bitget Thailand” on X, “BGB Thai Holder” on Telegram and “bitgetthailand” on TikTok. In the SEC’s view, those activities amounted to operating a digital asset exchange business without authorization under Thailand’s 2018 digital asset law.

A second individual is named

The complaint also names Kritsana Kritsananuwat, whom the SEC accuses of helping publicize Bitget’s services through the Facebook page “Srisiam” and the YouTube channel “SRISIAM.” The regulator said he was charged under the same legal provisions, along with the Criminal Code.

The planned access restrictions rely on the 2025 Royal Decree on Measures for Preventing and Suppressing Technology Related Crimes (No. 2). That decree, which took effect on April 13, 2025, gives the ministry authority to block unlicensed digital asset trading platforms and came alongside an amendment extending the digital asset framework to foreign platforms.

Licensing deal now faces added uncertainty

The enforcement action comes at a sensitive time for Bitget in Thailand. In October 2026, the company said it would acquire GMO-Z.com Cryptonomics (Thailand), the licensed operator of Z.com EX, through BTGT Management (Thailand), a company in which Bitget holds an interest.

A filing by GMO showed the transfer timetable had already slipped, with closing moved to November 30 and SEC approval for the change of control still pending. The same filing indicated the Thai unit of Bitget had been loss-making in 2025.

That creates a timing conflict: the share transfer was planned for November 30, while the SEC has asked for Bitget access to be blocked from December 5. It is not yet clear how the criminal complaint will affect the regulator’s review of the acquisition or Bitget’s effort to shift from unlicensed activity to a licensed structure in Thailand.

Recent background and next step

Bitget separately disclosed unauthorized transfers from some hot and warm wallets on September 24, the same day GMO’s board approved the sale. The exchange first estimated losses at about $351.6 million and later revised that figure to roughly $387.5 million, saying the shortfall was covered by its User Protection Fund.

For now, the confirmed next step is the investigation process. The case will pass through an inquiry official, then prosecutors and, if it proceeds, the courts, while the ministry considers the SEC’s request to restrict access to Bitget’s services in Thailand from December 5.

Source: www.blockhead.co