Thailand to block Bitget in December over unlicensed crypto trading

Thailand's SEC has required digital-asset exchanges to hold a local license since the 2018 Digital Asset Business Decree, and it has used blocking powers before: in 2021 it filed a criminal complaint against Binance for running an unlicensed platform targeting Thai users. BG Limited, which operates Bitget, now faces the same charge, with the SEC moving to cut off its website, domains and app rather than wait for a licensing application to be filed.

From Dec. 5, Thai residents lose direct web and app access to Bitget, pushing existing users toward VPNs, mirror sites or licensed local platforms to manage positions. Bitget cannot legally solicit Thai customers through its own channels, which weakens its footprint in a market where GMO Internet is separately negotiating a share transfer, now reset to Nov. 30, to secure a locally regulated route rather than operate unlicensed.

The case tests whether global exchanges can keep serving fast-growing Southeast Asian markets without local licenses, or whether they must restructure through acquisitions of regulated entities, as GMO's deal attempts. A ban that pushes traders toward unregulated workarounds cuts against the investor-protection goal the SEC cites, and it is fair to ask whether blocking access does more to shield Thai markets or simply to displace activity offshore.

The Nov. 30 deadline for GMO Internet's share transfer will show whether Bitget can secure a licensed Thai foothold before the Dec. 5 block takes effect, or whether the two dates collide and leave the exchange shut out regardless. If the transfer closes in time, it becomes a template for other offshore exchanges facing similar Thai enforcement; if it stalls, BG Limited's criminal complaint proceeds without a local fallback.

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