Thailand’s Securities and Exchange Commission has filed a criminal complaint against BG Limited, the operator of cryptocurrency exchange Bitget, over allegations that the platform provided digital asset trading services in the country without the required license.
Thai authorities also plan to restrict access to Bitget’s website, related domains, and mobile application beginning December 5, 2026.
The enforcement action covers alleged activities between 2022 and 2025 and follows Thailand’s broader campaign against overseas crypto platforms operating without local authorization.
Thailand SEC files complaint against Bitget operator
The Thai SEC announced the enforcement action on November 5.
According to the regulator, BG Limited allegedly offered cryptocurrency exchange services to Thai customers without receiving authorization under Thailand’s digital asset laws.
The complaint has been referred to the Economic Crime Suppression Division for further investigation.
The SEC has also notified the Ministry of Digital Economy and Society, which is responsible for implementing the planned access restrictions.
The block is expected to cover Bitget’s main website, related domains, and mobile application.
Bitget access could be restricted from December 5
Thai authorities plan to begin restricting access to Bitget on December 5.
Customers who currently hold cryptocurrency on the platform have been advised by the regulator to review their accounts and consider appropriate steps before the deadline.
The SEC announcement does not say that customer positions will be automatically liquidated.
It also does not require users to sell their crypto holdings.
Instead, customers may need to consider how they will access or withdraw their assets if local access to the platform becomes restricted.
SEC alleges Bitget served Thai customers without a license
The regulator said its investigation identified trading activity involving Thai customers between 2022 and 2025.
According to the SEC, Bitget allegedly:
- Facilitated digital asset trading
- Collected trading fees
- Offered services targeted at Thai users
- Displayed cryptocurrency prices in Thai baht
- Promoted services through Thai-language channels
The regulator believes these activities amounted to operating a digital asset exchange under Thai law.
Thai-language promotions were cited as evidence
Investigators pointed to several online channels as evidence that Bitget was targeting customers in Thailand.
These reportedly included a Thai-language website that displayed cryptocurrency prices in Thai baht.
Authorities also identified social media channels such as an X account named “Bitget Thailand.”
A Telegram group known as “BGB Thai Holder” and a TikTok account using the name “bitgetthailand” were also cited.
The regulator views these activities as part of the exchange’s alleged effort to provide services to Thai customers.
Thailand says Bitget required regulatory authorization
Thailand regulates cryptocurrency exchanges under its Emergency Decree on Digital Asset Businesses.
The SEC said Bitget’s activities fell within the definition of a digital asset exchange under Section 3 of the legislation.
The regulator alleges that BG Limited violated Section 26 by providing regulated services without a license.
The alleged offense is subject to enforcement under Section 66 of the law.
The complaint itself does not establish that Bitget has committed a criminal offense.
That determination would require further investigation and, if charges are brought, a court process.
Promoter also named in complaint
The SEC separately named Kritsana Kritsananuwat in connection with the case.
According to the regulator, he allegedly helped promote Bitget’s services to Thai users.
The SEC cited activity through the Facebook page “Srisiam” and YouTube channel “SRISIAM.”
Authorities allege that the promotional activity assisted Bitget’s unlicensed operations.
As with BG Limited, the filing represents an allegation rather than a final finding of criminal liability.
Economic crime investigators will review the case
Thailand’s Economic Crime Suppression Division will now investigate the complaint.
Investigators may gather additional evidence and determine whether the allegations warrant prosecution.
Prosecutors would then decide whether to pursue criminal charges.
If charges are filed, Thailand’s courts would ultimately determine whether the defendants violated the law.
The SEC said it will continue cooperating with the relevant authorities as the investigation develops.
Thailand is using new powers to block unlicensed exchanges
The planned Bitget restriction falls under Thailand’s 2025 Royal Decree on Measures for Preventing and Suppressing Technology-Related Crimes.
The law gives authorities greater powers to restrict access to unauthorized digital asset platforms.
The government says these measures are intended to protect investors and reduce the risk that unlicensed platforms are used for activities such as money laundering or technology-related financial crime.
The legislation has already been used against other cryptocurrency exchanges.
Thailand previously blocked Bybit, OKX and CoinEx
Bitget is not the first international exchange to face restrictions under Thailand’s enforcement framework.
In June 2025, authorities moved to block access to five unlicensed cryptocurrency exchanges.
The affected platforms included Bybit, OKX and CoinEx.
Thailand has continued encouraging residents to use cryptocurrency service providers authorized by the local SEC.
The regulator provides an online database and the SEC Check First application, which investors can use to verify whether a company holds the necessary license.
Bitget users may need to prepare before the deadline
The December 5 deadline gives existing users roughly a month to review their accounts.
Customers may want to check whether they have:
- Cryptocurrency balances on Bitget
- Open spot orders
- Derivatives positions
- Staked assets
- Earn products
- Pending withdrawals
- API-connected trading systems
The SEC has not provided individual instructions for how Bitget customers should handle each type of product.
Users should therefore monitor official communications from both the regulator and Bitget.
They should also be cautious of phishing messages claiming to offer special withdrawal assistance.
Bitget’s Thai acquisition plan is a separate issue
The enforcement action comes shortly after Bitget announced plans to acquire an existing licensed cryptocurrency business in Thailand.
In October, the company said it intended to acquire GMO-Z.com Cryptonomics Thailand.
That company operates the locally licensed Z.com EX cryptocurrency platform.
Bitget planned to complete the transaction through BTGT Management.
The proposed purchase would give Bitget access to an existing regulated business if all required approvals are obtained.
Acquisition would involve nearly 100% of the Thai company
The proposed transaction covers a combined 99.94% stake held by GMO Internet and its Thai subsidiary.
The seller had initially targeted October 31 for the share transfer.
However, completion depends on regulatory approval and other conditions.
The transaction is therefore separate from the enforcement case involving Bitget’s international platform.
Acquiring a licensed company does not automatically resolve allegations relating to earlier unlicensed activity.
Bitget hoped acquisition would support local operations
Bitget CEO Gracy Chen previously described the acquisition as an opportunity to establish regulated operations in Thailand.
However, the company had not announced a date for launching services through the proposed local business.
The deal would allow Bitget to pursue the Thai market through an entity already operating within the country’s licensing framework.
That would differ from allowing Thai customers to use the company’s international platform directly.
Thailand was already listed as a restricted market
Bitget’s October user agreement reportedly listed Thailand among the jurisdictions restricted from accessing its international platform.
That means the company’s own terms had already limited access for Thai customers before the latest SEC action.
The regulator’s complaint, however, concerns alleged activities carried out between 2022 and 2025.
The investigation will therefore focus on whether services provided during that period violated Thailand’s licensing rules.
Bitget has also tightened access elsewhere
Bitget has recently changed its availability in other markets.
The exchange restricted services for users in Russia and Belarus after updating its prohibited-jurisdiction policies in October.
Affected customers were told they would receive instructions covering account closures, existing positions, and withdrawals.
These developments reflect a broader trend in which international crypto exchanges are increasingly adjusting operations based on local licensing and compliance requirements.
Crypto exchanges face growing local licensing pressure
Governments worldwide are becoming less willing to allow offshore cryptocurrency exchanges to serve local customers without obtaining domestic authorization.
Regulators increasingly require exchanges to meet standards covering:
- Customer identification
- Anti-money laundering controls
- Asset custody
- Cybersecurity
- Market surveillance
- Financial reserves
- Consumer protection
Platforms that fail to obtain authorization can face website blocks, fines, criminal complaints, or restrictions on local marketing.
Thailand’s action against Bitget fits within that broader regulatory trend.
Website blocks do not necessarily eliminate access entirely
Blocking an exchange website is primarily intended to prevent or discourage local access.
However, technical restrictions can differ depending on internet providers, application availability, and how the platform is accessed.
For regulators, the objective is to prevent unauthorized companies from actively serving the domestic market.
For customers, the practical concern is whether they can still safely access their account and withdraw assets once restrictions begin.
That makes the period before December 5 particularly important for existing Thai Bitget users.
Criminal complaint does not equal a conviction
It is also important to distinguish the SEC’s complaint from a final judgment.
The regulator has made allegations based on its investigation.
BG Limited and the other individual named have not been found guilty merely because a complaint was filed.
Economic crime investigators must first review the case.
Prosecutors would then decide whether charges should proceed.
Any final determination of legal responsibility would be made through Thailand’s judicial process.
What happens next?
Several developments will determine how the situation unfolds.
The first is the Economic Crime Suppression Division’s investigation.
The second is implementation of the planned December 5 platform restrictions.
Bitget may also respond publicly to the SEC’s allegations or provide additional instructions to affected users.
Separately, regulators will need to decide whether the proposed acquisition of Z.com EX can proceed.
That transaction could determine whether Bitget eventually returns to the Thai market through a fully licensed local entity.
Bitget faces a difficult regulatory transition in Thailand
The enforcement action puts Bitget in an unusual position.
Its international platform faces a potential block over alleged past unlicensed activity, while the company is simultaneously pursuing the acquisition of a locally licensed exchange.
The two processes are legally separate.
Even if Bitget succeeds in establishing a regulated Thai business, authorities could still continue investigating earlier activity involving BG Limited.
For users, the immediate date to watch is December 5.
For Bitget, the longer-term question is whether it can move from serving Thai customers through its international platform to operating through a locally approved regulatory structure.
