Bitget Agrees to Buy Licensed Thai Exchange Weeks After $388M Hack

Key Takeaways

Planned Acquisition Targets Licensed Thai Operations

Thai users could gain access to a locally operated Bitget trading platform under an acquisition plan announced Oct. 20. Crypto exchange Bitget outlined its proposed purchase of GMO-Z.com Cryptonomics (Thailand) Co., Ltd. through its interest in BTGT Management (Thailand) Ltd. The Bangkok-based target operates a licensed digital asset exchange and brokerage.

The Thai business is a subsidiary of Japan’s GMO Internet Inc. (Tokyo: 4784), which provides internet infrastructure, online advertising, and media services. Its parent, GMO Internet Group Inc. (Tokyo: 9449), operates businesses spanning internet services, financial technology, payments, security, and crypto assets.

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.”

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. BTGT Management and/or its designated entity would receive those shares at completion, subject to the applicable approvals and other conditions.

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. One GMO Internet director also serves at the Thai company, and the Japanese company provides loans to the operation.

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.