Thailand SEC Moves to Block Bitget Over Unlicensed Crypto Exchange Allegations

Thailand’s Securities and Exchange Commission has filed a criminal complaint against the operator of Bitget, one of the world’s largest cryptocurrency exchanges, for allegedly offering digital asset trading services to Thai users without a license from 2022 to 2025. The regulator said on Friday it had referred the case to the Economic Crime Suppression Division of the Royal Thai Police, seeking prosecution under the Digital Asset Business Emergency Decree. If convicted, the exchange’s operator could face both fines and imprisonment, and the SEC is also pushing to block Bitget’s platform in the country. The move comes amid uncertainty over Bitget’s planned acquisition of a local Thai crypto exchange, which would have given it a licensed foothold in the market. Bitget announced the deal in late 2024, but the SEC’s complaint suggests the company continued to operate without proper authorization even as it pursued the acquisition. The regulator said its investigation found that Bitget’s unlicensed services included spot trading, derivatives, and staking products, exposing Thai investors to legal and financial risks. Bitget has not yet publicly responded to the complaint, but the case highlights the tightening regulatory environment for crypto exchanges in Southeast Asia. Thailand has been working to bring digital asset platforms under stricter oversight, and the SEC’s action signals a zero-tolerance approach to unlicensed operations. For Bitget, the complaint could derail its expansion plans in one of the region’s most active crypto markets. The SEC said it would continue to monitor the situation and take legal action against any platform that violates the law. Thai users of Bitget are advised to withdraw their assets and use only licensed exchanges, as the regulator seeks to shut down access to the platform. The outcome of the criminal case will set a precedent for how Thailand handles foreign exchanges that skirt local licensing rules.