Thailand SEC Files Criminal Complaint Against Bitget Operator

Thailand's Securities and Exchange Commission filed a criminal complaint on Nov. 5 against BG Limited, the operator of crypto exchange Bitget, alleging it ran an unlicensed digital-asset exchange for Thai users from 2022 to 2025. The regulator also notified the government to block access to the platform from Dec. 5. Bitcoin Magazine reported that the complaint was lodged with the Economic Crime Suppression Division.

The SEC's statement No. 241/2026 names a second target: Mr. Kritsana Kritsananuwat, accused of helping promote Bitget through the Facebook page "Srisiam" and the YouTube channel "SRISIAM," according to crypto.news. Investigators pointed to promotional activity through the X account "Bitget Thailand," the Telegram group "BGB Thai Holder" and the TikTok account "bitgetthailand."

During 2022 through 2025, the regulator found, Bitget offered a trading system in the ordinary course of business, charged fees, ran a Thai-language website that could show values in baht and solicited Thai users on those social channels. That conduct amounts to operating a digital-asset exchange under Section 3 of Thailand's Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) without a license, a violation of Section 26 punishable under Section 66, the SEC said.

Separately, the SEC submitted Bitget's website, other domains and its app to the Ministry of Digital Economy and Society under a 2025 royal decree that authorizes access blocks on unlicensed trading platforms. From Dec. 5, the public "will be unable to access the platform," and investors still holding assets there were told to consider acting before the cutoff, the statement said. The restriction covers the main website, associated domains and the mobile app, and customers have been advised to review their accounts before the deadline, with no automatic liquidation process specified. The regulator said the measures are intended to protect investors and keep unauthorized exchanges from being used for money laundering or other financial crimes. It has encouraged investors to check whether a crypto provider holds the required authorization through its official website or the SEC Check First app.

A Bitget spokesperson told crypto.news the company was responding to the announcement. "We're aware of the Thai SEC announcement, and our teams are reviewing the details and evaluating our options to engage with the SEC," the spokesperson said. "User assets remain safe. We will provide guidance on any changes affecting access and any steps affected users may need to take."

The enforcement action lands while Bitget is still trying to buy a licensed Thai business. Bitget announced in October that it plans to acquire GMO-Z.com Cryptonomics (Thailand), the operator of the locally licensed Z.com EX platform, through its interest in BTGT Management (Thailand) Ltd. Under that deal, GMO Internet and its Thai holding company would transfer their entire stake in GMO-Z, about 49% and 50.94% respectively, to BTGT or a designee at completion. GMO Internet pushed the effective date of the share transfer from Oct. 31 to Nov. 30, citing careful work on Thai regulatory applications and closing procedures, a revised date that sits five days before the planned access block. Completion of the deal remains subject to regulatory approval, and Bitget's October user agreement already lists Thailand among jurisdictions restricted from its international platform, crypto.news noted. The SEC statement does not mention GMO-Z, and Bitget has not posted a public answer to the complaint alongside its acquisition release.

Thailand has used the same access-blocking tool before. In mid-2025 the SEC referred Bybit, OKX and three other unlicensed platforms for a June 28 cutoff, telling users to move assets first.

The complaint does not establish criminal liability against BG Limited or the individual named alongside it. The Economic Crime Suppression Division will investigate the allegations before prosecutors decide whether to bring charges, and any prosecution would proceed through the country's courts, which would determine whether the defendants violated the law. The case now moves to an inquiry official, then prosecutors and the courts.