As part of its sweeping administrative measures, the Thai securities regulator announced that it has officially notified the Ministry of Digital Economy and Society to execute a comprehensive block on all domestic access to the Bitget ecosystem. This restriction, scheduled to take effect immediately following the designated notice period, will completely sever local user connectivity to Bitget’s primary website, associated alternate domains, and its dedicated mobile trading applications. In light of the looming network blockade, the regulatory authority has strongly urged domestic users and account holders to take proactive measures regarding any digital assets or funds currently held on the platform, advising them to withdraw or relocate their holdings before the enforcement deadline takes full effect.
The criminal complaint and subsequent access restrictions follow closely on the heels of Bitget’s strategic corporate announcements made earlier in the autumn. Just weeks prior to the regulatory action, Bitget publicly disclosed its corporate intentions to acquire a fully licensed local Thai cryptocurrency exchange and brokerage operation, a move designed to establish a legally compliant footprint in the jurisdiction following previous high-profile security challenges across the broader digital asset industry.
Responding to inquiries regarding the regulatory development, a designated spokesperson for Bitget stated that the exchange’s executive and legal teams are actively reviewing the announcement issued by the Thai SEC. The representative emphasized that the company is currently evaluating its available strategic options for engaging directly with the financial watchdog to address the concerns raised. At this stage, the spokesperson noted that the organization has no further definitive information to share publicly, while assuring account holders that all user assets stored on the platform remain fully secure. Furthermore, Bitget pledged to issue timely, formal guidance through its official communication channels regarding any structural changes that may impact user access to its suite of financial services.
SEC Cites Thai Language Promotions and Trading Fees
The foundational basis for the criminal complaint stems from a comprehensive regulatory review spanning several years. According to detailed statements released by the SEC, Bitget actively provided cryptocurrency trading services to local participants between 2022 and 2025. During this multi-year operational window, the platform routinely collected trading fees and aggressively promoted its financial products and services in the Thai language across both its web portals and various social media channels. The financial watchdog asserted that these concerted promotional and operational activities constituted a direct and clear violation of Thailand’s stringent digital asset business licensing requirements, which mandate formal regulatory authorization for any entity courting local clientele.
Beyond targeting the corporate operator itself, the regulatory complaint also explicitly names an individual, Kritsana Kritsananuwat. The SEC has accused him of actively assisting in the promotion of Bitget’s unlicensed exchange platform through major social media and video-sharing networks, specifically highlighting campaigns conducted on Facebook and YouTube. This enforcement action marks a continued pattern by the Thai regulator, which had previously filed a separate criminal complaint against the same individual in March 2025. In that prior instance, authorities alleged that he played a supporting role in promoting the unlicensed exchange activities of OKX, another major international digital asset trading platform.
Attempts by media outlets to contact Kritsananuwat for comment—utilizing a telephone number publicly listed for commercial advertising inquiries within a video on his YouTube channel—ultimately proved unsuccessful, as the calls went unanswered.
The legal framework empowering these modern regulatory interventions stems from a progressive tightening of national financial policy. Thailand initially introduced foundational licensing requirements specifically governing digital asset businesses back in 2018. Recognizing the evolving nature of cross-border fintech operations, the regulatory framework was substantially updated and tightened in April 2025 to explicitly capture foreign platforms that target domestic Thai users through localized marketing and infrastructure. Concurrently, complementary legislative amendments to national cybercrime laws provided the Ministry of Digital Economy and Society with streamlined legal mechanisms to block unauthorized web platforms and mobile applications swiftly.
Following the filing of the formal complaint, the matter has been transferred to Thailand’s Economic Crime Suppression Division to conduct a thorough judicial investigation. Once this investigative phase concludes, state prosecutors will independently review the case file to determine whether formal criminal charges should be brought against the corporate entities and individuals involved. Ultimately, independent courts will be responsible for evaluating the evidence and establishing formal criminal liability under Thai law.
Bitget Pursued Licensed Thai Presence Ahead of SEC Complaint
The regulatory crackdown unfolds against the backdrop of Bitget’s recent corporate maneuvering aimed at securing a legitimate, onshore presence within the jurisdiction. On October 20, the exchange publicly announced comprehensive plans to acquire GMO-Z.com Cryptonomics, a prominent, locally licensed cryptocurrency exchange and brokerage firm. This planned transaction was executed through BTGT Management (Thailand), a corporate entity in which Bitget previously confirmed it held a strategic financial interest.
At the time of the initial corporate disclosure, the proposed acquisition remained strictly contingent upon receiving formal regulatory approvals from relevant government bodies, alongside the fulfillment of various standard commercial conditions. Bitget had articulated a clear strategic vision to introduce its advanced global trading technology and platform infrastructure to Thai retail and institutional users only after successfully completing the transaction and obtaining all necessary regulatory authorizations for the formal change of corporate control.
Outlining the strategic importance of the regional market expansion at the time of the announcement, Bitget CEO Gracy Chen emphasized the significance of the territory. She noted that Thailand represents an integral and vital component of the broader Southeast Asian digital asset landscape, and that the targeted acquisition presented an exceptional strategic opportunity for the exchange to establish robust, fully compliant local operations. Despite these strategic ambitions, the sudden regulatory filing and impending domain blockades highlight the complex regulatory hurdles international cryptocurrency exchanges face as Southeast Asian jurisdictions increasingly demand strict adherence to domestic licensing regimes before allowing open access to local investors.
Crypto Regulation & Policy
Crypto Regulation & Policy
Crypto Regulation & Policy
