Thailand's securities regulator has escalated its enforcement against unlicensed crypto platforms, filing a criminal complaint against global exchange Bitget and moving to cut off public access to its services in the country from December 5.

The complaint was submitted Thursday to Thailand's Economic Crime Suppression Division (ECD), according to SEC statement No. 241/2026. The filing also names Kritsana Kritsananuwat as an alleged promoter of the exchange, accusing him of touting Bitget through Facebook and YouTube channels.

The enforcement action lands while Bitget is pursuing a separate deal to acquire a locally licensed digital-asset business, a transaction intended to open a route to regulated operations in Thailand.

The SEC's Allegations Against Bitget

The SEC said its investigation determined that Bitget ran a trading platform as a regular business in Thailand from 2022 through 2025. During that period, the exchange allegedly collected trading fees, maintained a Thai-language website capable of displaying values in Thai baht, and actively courted local customers through social media.

The regulator identified several channels used to reach Thai users, including the Bitget Thailand account on X, the BGB Thai Holder group on Telegram and the bitgetthailand account on TikTok. It also cited promotional activity allegedly carried out by Kritsana Kritsananuwat through Facebook and YouTube.

In the regulator's view, these activities fall within the definition of operating a digital-asset exchange under Section 3 of Thailand's Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The SEC alleges that Bitget violated Section 26 of the decree by providing exchange services without the required license, an alleged offense that carries penalties under Section 66.

The criminal complaint will next pass through an inquiry official before potentially moving to prosecutors and the courts. The allegations have not yet been established through a final court judgment.

Bitget Access Set to Be Blocked on December 5

Alongside the criminal complaint, the SEC has referred Bitget's website, associated domains and mobile application to the Ministry of Digital Economy and Society for access restrictions. The action relies on a 2025 royal decree that provides authorities with a mechanism to restrict access to digital-asset trading platforms operating without the necessary authorization.

According to the SEC, members of the public will no longer be able to access Bitget from December 5. Investors who continue to hold digital assets on the exchange have been advised to consider taking appropriate action before the restriction takes effect.

The planned restriction follows a similar enforcement approach used against other cryptocurrency platforms. In mid-2025, Thailand's SEC referred Bybit, OKX and three additional unlicensed platforms for access restrictions scheduled to begin on June 28.

Bitget's Planned Acquisition of a Licensed Thai Exchange

The regulatory action comes as Bitget pursues a potential entry into Thailand's licensed digital-asset market through the planned acquisition of GMO-Z.com Cryptonomics (Thailand), a Bangkok-based exchange and brokerage that already holds local regulatory licenses. The transaction involves BTGT Management (Thailand) Ltd. and the existing shareholders of GMO-Z.

According to a September 24 filing by GMO Internet, the Japanese company and its Thai holding company plan to transfer their entire respective stakes in GMO-Z, representing approximately 49% and 50.94%, to BTGT or its designated party upon completion.

Bitget has said the acquisition remains subject to regulatory approval. Following approval of the change of control, the company intends to introduce its trading platform to Thai customers in compliance with local requirements.

Bitget CEO Gracy Chen described Thailand as an important market for the company's Southeast Asian expansion in an October 20 announcement.

"Thailand is an important part of Southeast Asia's digital asset landscape, and this acquisition gives us a great opportunity to establish local operations," Chen said.

Acquisition Deadline Moves Closer to Planned Access Ban

The proposed acquisition has also experienced a change in its expected completion schedule. GMO Internet Group moved the effective date of the share transfer from October 31 to November 30, citing the need to carefully handle Thai regulatory applications and transaction closing procedures. The revised November 30 date falls just five days before the SEC's planned December 5 access restriction on Bitget.

CoinDesk previously reported that Bitget's terms of use, updated in October, already identify Thailand as a jurisdiction where its services are prohibited. However, the SEC has not publicly clarified whether the criminal complaint against BG Limited could affect regulatory consideration of the proposed GMO-Z change of control.

The SEC's enforcement statement did not mention the acquisition. Bitget also had not publicly addressed the criminal complaint in the statement accompanying its acquisition announcement.

Thailand Continues to Tighten Oversight of Crypto Exchanges

The Bitget case reflects Thailand's broader approach of encouraging cryptocurrency activity through regulated businesses while restricting platforms that operate without local authorization. The country has introduced a multi-year capital-gains tax exemption for qualifying cryptocurrency trades conducted through SEC-regulated platforms, and authorities have continued expanding regulated digital-asset products across derivatives and capital markets.

By contrast, exchanges operating without the required licenses face regulatory warnings, restrictions on public access and potential legal proceedings. Bitget's case now adds a criminal complaint against the exchange operator and an individual allegedly involved in promoting its services.

It remains uncertain whether the proceedings involving BG Limited will delay, prevent or otherwise affect BTGT Management's proposed acquisition of the licensed GMO-Z business, and the SEC has not provided a public determination on how the two matters may interact.

For existing Bitget users in Thailand, December 5 is the key date to consider before the planned access restrictions begin. Meanwhile, the November 30 acquisition deadline could become an important milestone in determining whether Bitget can establish a regulated presence in the Thai market despite the ongoing criminal proceedings.

Source: Bitcoin Magazine