Thailand SEC to Block Bitget Exchange in December Over Unlicensed Crypto Trading

Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against the operator of Bitget, a major cryptocurrency exchange, and will block access to its website and mobile app starting December 5. The action follows Bitget’s failure to obtain the necessary license to operate as a digital asset exchange in Thailand, violating the country’s Digital Asset Businesses Decree. The SEC’s move underscores Thailand’s tightening oversight of crypto platforms, aiming to protect investors from unregulated trading venues. Bitget, which has grown rapidly in Southeast Asia, now faces legal hurdles and potential fines, while Thai users must withdraw funds before the cutoff. The ban reflects a broader regional trend of regulators cracking down on unlicensed crypto services to combat fraud and money laundering. This enforcement signals that Thailand is serious about enforcing its crypto rules, setting a precedent for other exchanges operating without proper authorization in the country. Users should act quickly to secure their assets before the December deadline.