Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against BG Limited, the operator of the Bitget exchange, for running a digital asset exchange without a license. The regulator announced the move on Thursday, Nov. 5. It has also asked the Ministry of Digital Economy and Society (MDES) to block access to the platform from Dec. 5.
What the SEC alleges
The SEC says Bitget ran a trading system for digital assets between 2022 and 2025 and charged fees for it. The platform had a Thai-language website that could show values in baht. The regulator also says Bitget promoted itself to Thai users through its website and social media accounts, including "Bitget Thailand" on X, "BGB Thai Holder" on Telegram and "bitgetthailand" on TikTok.
In the SEC's view, this amounts to operating a digital asset exchange under Section 3 of the Emergency Decree on Digital Asset Businesses. It says the lack of a license breaches Section 26 and is an offense under Section 66.
The complaint also names Kritsana Kritsananuwat. The SEC says he helped Bitget gain exposure through the Facebook page "Srisiam" and the YouTube channel "SRISIAM." It adds that his activity increased the number of people interested in using the exchange. He faces a charge of assisting or facilitating the unlicensed business.
This is not the first time the SEC has named him. It filed a criminal complaint against him in March 2025 over allegations that he helped promote OKX's unlicensed exchange activities.
What happens to users on Dec. 5
The block will cover Bitget's website, other Bitget domains and its mobile app. The SEC says it passed the platform details to the MDES under a 2025 royal decree on preventing technology-related crimes. The decree lets the ministry order access blocks on unlicensed digital asset platforms. The SEC says the goal is to protect investors and to stop fraudsters from using such platforms for money laundering.
The regulator told investors to "consider taking action" on assets held on Bitget before the blocking date. It did not say how Thai users should move funds or how long a withdrawal might take.
The SEC also warned that customers of unlicensed operators have no legal protection and may face fraud, scams and money laundering risks. Investors can check licensed operators on the SEC website or in its SEC Check First app. Tips can be sent to hotline 1207.
Thailand introduced licensing for digital asset businesses in 2018 and tightened the rules in April 2025 to cover foreign platforms that target Thai users. Last year the country also moved to block access to several unlicensed foreign exchanges, so Bitget is following a path others have already taken.
A separate deal for a licensed exchange
The complaint comes about two weeks after Bitget said it planned to acquire GMO-Z.com Cryptonomics, a licensed Thai exchange and brokerage. On Oct. 20, the company said the deal would run through BTGT Management (Thailand), a company in which it holds an interest. It said the transaction needed regulatory approval, including approval for the change of control. It also said it would bring its trading platform to Thai users only after closing the deal.
"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.
GMO-Z.com Cryptonomics runs the Z.com EX platform, which has been regulated by the SEC since February 2021. Its seller, GMO Internet, has since pushed the planned share transfer to Nov. 30 while it works through Thai regulatory steps. Financial terms of the deal were not disclosed.
The SEC's announcement does not mention the acquisition. The two matters are separate, and the SEC has not said whether the complaint will affect its review of the change of control. Bitget has also not said whether it will contest the complaint.
What comes next in the case
The complaint goes to the Economic Crime Suppression Division, which will investigate. Prosecutors then decide whether to bring charges, and the courts decide on criminal liability. A complaint does not establish guilt. The SEC says it will monitor the case and cooperate with other agencies.
Bitget is said to serve more than 125 million users worldwide and offers tokenized stocks, ETFs, commodities and foreign exchange alongside crypto. The Thai SEC's statement does not say how many of those users are in Thailand.
Bitget did not immediately respond to requests for comment on the complaint.
Roman Zaika
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