Thailand SEC Files Criminal Complaint Against Bitget Ahead of Dec. 5 Access Block

Thailand’s Securities and Exchange Commission (SEC) has filed a formal criminal complaint against BG Limited, the operator of the cryptocurrency exchange Bitget. The regulator alleges that the company conducted an unlicensed digital-asset exchange business for Thai users between 2022 and 2025. This regulatory action is part of a broader effort to manage the Thailand securities landscape and ensure compliance with local financial laws.

The complaint, submitted to the Economic Crime Suppression Division, also identifies an individual named Kritsana Kritsananuwat, who is accused of promoting the platform via social media channels, including YouTube and Facebook. According to the SEC, Bitget’s operations included charging fees, maintaining a Thai-language website capable of displaying values in baht, and actively soliciting local users through various social media platforms.

Thailand's SEC has filed a criminal complaint against Bitget for unlicensed trading and ordered a platform block.

Under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), the SEC maintains that these activities constitute operating an unlicensed digital-asset exchange. The case is now proceeding through the formal legal process, involving inquiry officials, prosecutors, and the courts. Furthermore, the SEC has instructed the Ministry of Digital Economy and Society to block access to Bitget’s website, mobile application, and other associated domains. The public will be unable to access the platform starting December 5, and the regulator has advised investors currently holding assets on the exchange to take necessary actions before the deadline.

Navigating the Thailand Securities Landscape

This enforcement action coincides with Bitget’s ongoing efforts to acquire GMO-Z.com Cryptonomics (Thailand), a licensed local brokerage. While Bitget has expressed its intent to establish compliant operations in the region, the timeline for this acquisition has faced delays. The share transfer, originally scheduled for October, was moved to November 30, just days before the mandated access block. It remains unclear how the criminal complaint against BG Limited will impact the pending change-of-control application for the licensed entity.

Why it matters

The SEC’s decision highlights the strict regulatory environment for digital assets in Thailand. By targeting unlicensed platforms, the government aims to protect investors and steer them toward regulated venues that offer tax benefits and legal protections.

This move affects all Thai users currently maintaining accounts on Bitget, who face a hard deadline to secure their assets. For the broader industry, the case serves as a warning that international platforms must adhere to local licensing requirements to maintain market access.