Thailand’s Sudden Move to Block Bitget in December Sparks Crypto Market Alarm

Ever wonder what happens when a major crypto exchange tries to play the game without the proper license—and then suddenly finds the local regulators knocking on its door? Well, Thailand just flipped the script on Bitget, a cryptocurrency exchange operator, by filing a criminal complaint against BG Limited for allegedly running unlicensed operations. The Securities and Exchange Commission (SEC) is not only putting the kibosh on Bitget’s digital footprint across Thailand starting December 5, but they’re also urging users to scramble and secure their assets before the shutdown slams in. Funny how Bitget rolled out plans to acquire a licensed Thai crypto platform just weeks before this crackdown—talk about cutting it close! Amid new toughened rules aimed squarely at foreign players wooing Thai traders, this saga raises a burning question: can even the fastest crypto movers outrun the long arm of law? Dive into the full scoop and see what this means for digital asset players in Southeast Asia. LEARN MORE.

Thailand’s securities regulator has filed a criminal complaint against BG Limited, the operator of cryptocurrency exchange Bitget, for allegedly operating without a license.

Thailand’s Securities and Exchange Commission (SEC) said Thursday that it had notified the Ministry of Digital Economy and Society to block access to Bitget from Dec. 5. The restriction will cover Bitget’s website, other associated domains and its mobile app.

The regulator advised users to take action regarding assets held on the platform before the deadline.

The move comes shortly after Bitget announced plans to acquire a licensed Thai crypto exchange, as local authorities step up enforcement against unlicensed trading platforms.

SEC alleges violation of Thailand’s crypto licensing rules

According to the SEC, Bitget offered crypto trading services between 2022 and 2025, charged trading fees and promoted its services through Thai-language websites and social media channels. The regulator said these activities violated Thailand’s digital asset business licensing requirements.

Thailand introduced its crypto exchange licensing framework in 2018 and tightened the rules in April 2025 to explicitly cover foreign platforms targeting Thai users. The amendments also gave authorities stronger powers to block access to unlicensed exchanges.

The regulator filed the complaint with Thailand’s Economic Crime Suppression Division for investigation. Prosecutors will decide whether to bring charges, while courts will determine criminal liability.

Thailand’s Ministry of Digital Economy and Society has authority to restrict access to unlicensed crypto trading platforms under a 2025 decree aimed at protecting investors and combating financial crime.

Bitget did not immediately respond to Cointelegraph’s request for comment.

Bitget pursued licensed Thai presence ahead of SEC complaint

The SEC’s action comes just over two weeks after Bitget announced plans to acquire GMO-Z.com Cryptonomics, a locally licensed crypto exchange and brokerage, through its local affiliate BTGT Management.

The proposed acquisition, announced on Oct. 20, remained subject to regulatory approval at the time of the disclosure. Bitget said it intended to introduce its trading platform to Thai users after completing the transaction.

“Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations,” Bitget CEO Gracy Chen said at the time.

In its latest complaint, the SEC also named Kritsana Kritsananuwat, whom the SEC accuses of helping promote Bitget through Facebook and YouTube, attracting potential customers to the exchange. The authority previously accused him of helping promote OKX without a license in March 2025.

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