Criminal Complaint and Platform Block Imminent
Thailand's Securities and Exchange Commission (SEC) has escalated its enforcement action against cryptocurrency exchange Bitget by filing a criminal complaint against BG Limited, the company that operates the platform. In a statement issued on Thursday, the regulator confirmed it had formally notified the Ministry of Digital Economy and Society to block access to Bitget's website, all associated domains, and its mobile application starting December 5.
From a broker-risk perspective, the SEC explicitly urged users who hold assets on the platform to take immediate steps to withdraw or otherwise secure their funds before the blocking date takes effect. The regulator's warning underscores a recurring risk for traders who transact through unlicensed intermediaries: the potential for sudden regulatory shutdowns that can leave users without straightforward access to their positions.
Alleged Unlicensed Trading Activity
According to the SEC's filing, Bitget provided cryptocurrency trading services to Thai users over a period spanning 2022 through 2025. During that window, the platform collected trading fees and actively marketed its services in the Thai language across its own websites and social media channels. The regulator characterized these activities as a direct violation of Thailand's digital asset business licensing regime, which requires operators to obtain authorization before offering exchange or brokerage services to domestic customers.
The complaint was lodged with Thailand's Economic Crime Suppression Division for further investigation. The procedural path ahead involves prosecutors deciding whether to formally bring criminal charges, with any determination of criminal liability ultimately resting with the courts.
Named Promoter and Prior Enforcement History
The filing also identifies Kritsana Kritsananuwat, whom the SEC accused of assisting in the promotion of Bitget's services through Facebook and YouTube channels. The regulator noted that it had already pursued Kritsananuwat in a separate matter, having filed a criminal complaint against him in March 2025 on allegations that he helped promote the unlicensed exchange activities of OKX within Thailand.
Cointelegraph attempted to reach Kritsananuwat via a phone number listed for advertising inquiries on his YouTube channel but was unable to establish contact.
Tightening Regulatory Landscape in Thailand
The enforcement action arrives against a backdrop of progressively stricter rules. Thailand first introduced licensing requirements for digital asset businesses in 2018, and in April 2025 the framework was expanded to explicitly cover foreign platforms that target Thai users, even when those platforms are not physically based in the country. Parallel amendments to the nation's cybercrime legislation have also simplified the process by which the digital economy ministry can order the blocking of unlicensed platforms, reducing the legal friction that previously made such actions slower to implement.
Bitget's Acquisition Plans and CEO Statement
The regulatory move came just weeks after Bitget disclosed, on October 20, its intention to acquire GMO-Z.com Cryptonomics, a locally licensed crypto exchange and brokerage. The proposed deal would be executed through BTGT Management (Thailand), an entity in which Bitget stated it held an interest. At the time of the announcement, the transaction remained contingent on regulatory approval and the satisfaction of other conditions.
Bitget said it planned to roll out its trading platform to Thai customers once the acquisition closed and change-of-control approvals were secured. CEO Gracy Chen described the opportunity at the time, stating that Thailand represents a significant component of Southeast Asia's broader digital asset ecosystem and that the acquisition would provide a strong foundation for establishing local operations.
For traders and investors monitoring the Southeast Asian market, the Bitget episode highlights the growing regulatory risk associated with using offshore or unlicensed exchanges. Authorities in the region are demonstrably willing to combine criminal proceedings with technical blocking measures, and the window between a regulatory announcement and an actual shutdown can be short enough to limit users' ability to exit positions cleanly.
