Cryptocurrency exchange Bitget is moving to deepen its footprint in Southeast Asia through a proposed acquisition of a licensed Thai digital asset operator, a deal announced less than a month after a security breach affected approximately $388 million in cryptocurrency assets.

The proposed transaction would give Bitget entry to Thailand's regulated crypto market through GMO-Z.com Cryptonomics, the operator of the Z.com EX trading platform. The acquisition remains subject to regulatory approval and other closing conditions.

Acquisition Route and Timeline

Bitget intends to pursue the deal through BTGT Management (Thailand), a company in which the exchange holds an ownership interest. Japan's GMO Internet disclosed the proposed transaction on September 24, with completion targeted for October 31. Neither the purchase price nor Bitget's ownership percentage in the acquiring entity has been disclosed. If completed on schedule, the deal would be finalized a little over five weeks after the security breach.

GMO-Z.com Cryptonomics launched the Z.com EX platform in February 2021 and holds a digital asset exchange license from Thailand's Securities and Exchange Commission. Because Thailand requires cryptocurrency exchanges to obtain local authorization, licensed operators have become attractive acquisition targets for international platforms, and an existing license could provide Bitget with an established regulatory framework for serving Thai customers.

Security Breach Casts a Shadow

The expansion plan follows a September 24 cyberattack that compromised Bitget's hot and warm wallet infrastructure. The exchange initially estimated the affected assets at approximately $351.6 million; subsequent disclosures and further blockchain analysis raised that figure to $387.5 million.

Investigators identified a vulnerability in third-party security software that allowed attackers to access internal systems and initiate unauthorized withdrawals. Bitget CEO Gracy Chen said the company's private keys and cold wallets remained secure. The exchange also maintained that customer balances were unaffected and pledged to cover losses through its protection fund.

Following temporary withdrawal restrictions, Bitget gradually restored services and completed its phased withdrawal recovery on October 2 — a recovery window of just over a week from the initial attack.

Regulatory Approval Remains the Hurdle

The proposed acquisition gives Bitget an opportunity to strengthen its regional presence while working to rebuild confidence after the security incident. Thailand's licensing requirements make regulatory compliance essential for international exchanges seeking local operations, and acquiring an existing licensed business could offer a more direct market entry strategy than establishing a new exchange.

However, the transaction does not automatically authorize Bitget's global platform to serve Thai customers. The outcome will depend on regulatory clearance and the successful transfer of ownership, the two milestones standing between the deal and its October 31 completion target.

If completed, the acquisition could strengthen Bitget's position in Southeast Asia's competitive cryptocurrency trading market.

Source: CryptoMeter io