Bitget Goes License-Local in Thailand After a $388M Wallet Bad Day

Bitget plans to acquire Thailand-based GMO-Z.com Cryptonomics (Thailand) Co., Ltd., a licensed digital asset exchange and brokerage operator, as it seeks to expand its Southeast Asia presence. The shares would be transferred to BTGT Management (Thailand) Ltd., in which Bitget says it holds an interest, or to another entity designated by BTGT Management.

GMO Internet disclosed the proposed sale in a Sept. 24 filing, targeting completion for Oct. 31. Bitget declined to disclose the size of its interest in BTGT Management or the financial and ownership terms of the proposed acquisition. The transaction remains subject to regulatory approvals and other conditions in the sale and purchase agreement.

“Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country,” said Bitget CEO Gracy Chen. GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021, and Thailand’s Securities and Exchange Commission lists the company among its licensed digital asset exchange operators.

The proposed expansion comes weeks after a Sept. 24 attack on Bitget’s hot and warm wallet infrastructure. Bitget said attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands, affecting approximately $388 million. The exchange said customer account balances were unaffected and that it completed the phased restoration of withdrawals on Oct. 2.

On Oct. 17, Bitget announced plans to discontinue services for certain users, describing the move as a “one-off exercise.” Its terms of use, updated Oct. 16, list Russia, Belarus, Kazakhstan and Thailand as prohibited jurisdictions, although the proposed acquisition could provide a route for Bitget to serve Thailand through a locally licensed operator.