Thailand's securities regulator has filed a criminal complaint against BG Limited, the operator of cryptocurrency exchange Bitget, for allegedly operating without a license, and has moved to block Thai users' access to the platform from Dec. 5.

The Thai Securities and Exchange Commission (SEC) said Thursday that it had notified the Ministry of Digital Economy and Society to restrict access to Bitget beginning Dec. 5, covering the exchange's website, associated domains and mobile app, according to its announcement. The regulator advised users to take action regarding assets held on the platform before the deadline.

The complaint came weeks after Bitget said on Oct. 20 that it planned to acquire a locally licensed Thai crypto exchange.

A Bitget spokesperson told Cointelegraph that the exchange was reviewing the Thai SEC's announcement and evaluating its options for engaging with the regulator.

"We have no further information to share at this stage," the representative said, adding that user assets remain safe and that Bitget would provide guidance through official channels on any changes affecting access to its services.

SEC cites Thai-language promotions and trading fees

According to the SEC, Bitget offered crypto trading services between 2022 and 2025, charged trading fees, and promoted its services in Thai through its websites and social media channels. The regulator said these activities violated Thailand's digital asset business licensing requirements.

The complaint also names Kritsana Kritsananuwat, whom the SEC accused of helping promote Bitget through Facebook and YouTube. The watchdog previously filed a criminal complaint against him in March 2025 over allegations that he helped promote OKX's unlicensed exchange activities. Cointelegraph attempted to reach Kritsananuwat through a phone number listed for advertising inquiries in a video on his YouTube channel but was unable to contact him. Taken together, the complaints show the SEC's enforcement reaching beyond exchange operators to individuals accused of promoting unlicensed platforms to Thai users.

Thailand introduced licensing requirements for digital asset businesses in 2018 and tightened the rules in April 2025 to cover foreign platforms targeting Thai users. Changes to a separate cybercrime law also made it easier for the ministry to block access to unlicensed platforms.

The regulator filed the complaint with Thailand's Economic Crime Suppression Division for investigation. Prosecutors will decide whether to bring charges, while courts will determine criminal liability.

Bitget pursued licensed Thai presence ahead of SEC complaint

Ahead of the SEC's action, Bitget announced on Oct. 20 plans to acquire GMO-Z.com Cryptonomics, a licensed Thai crypto exchange and brokerage, through BTGT Management (Thailand), a company in which Bitget said it held an interest. The proposed acquisition remained subject to regulatory approval and other conditions at the time of the disclosure.

Bitget said it intended to introduce its trading platform to Thai users after completing the transaction and obtaining approval for the change of control.

"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.