Thailand's SEC Files Criminal Complaint Against Bitget for Unlicensed Operations

Thailand's Securities and Exchange Commission (SEC) has initiated a criminal complaint against BG Limited, the operator of the cryptocurrency exchange Bitget, citing allegations of conducting unlicensed digital asset business. The regulator plans to block access to Bitget's website, associated domains, and mobile application starting December 5, 2026.

The SEC alleges that Bitget provided cryptocurrency trading services to Thai customers between 2022 and 2025 without obtaining the necessary local authorization. A separate complaint has been filed against an individual accused of promoting Bitget's services through social media platforms like Facebook and YouTube. Thai users are advised to review their holdings and take necessary actions before the access restrictions take effect.

Regulatory Allegations and Actions

According to the Thai SEC, its investigation revealed activities that allegedly violated the country's digital asset business licensing requirements. The regulator claims Bitget operated as a commercial service facilitating cryptocurrency purchases and sales, collecting transaction fees from users. Efforts to attract Thai customers, including a Thai-language website, local currency displays, and social media campaigns, were also noted.

The complaint has been submitted to Thailand's Economic Crime Suppression Division. The SEC also named Kritsana Kritsananuwat, alleging he assisted Bitget in promoting its services through a Facebook page and a YouTube channel. Both matters are subject to further investigation.

User Advisory and Broader Implications

The planned restrictions, which will encompass Bitget's primary website, related domains, and its mobile application, are authorized under measures to combat financial crime and protect investors. The SEC has urged users not to delay in addressing assets held on the exchange, encouraging them to review their accounts and take appropriate steps before the December 5 deadline. The regulator highlighted that users of unauthorized platforms may not receive the same legal protections as those using locally licensed operators and face increased risks of scams and money laundering.

This action reflects Thailand's broader strategy to enhance oversight of cryptocurrency services operating within its borders and underscores the importance for international exchanges to comply with local licensing requirements, regardless of their operational base.