Bitget Plans Thai Exchange Acquisition Despite Restrictions on Serving Local Users

Bitget plans to acquire Thailand-based digital asset exchange operator GMO-Z.com Cryptonomics, weeks after a security incident affected its hot and warm wallets.

The proposed deal follows Bitget's recent announcement that it would discontinue services for certain users in what it described as a “one-off exercise.”

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Bitget's terms of use, updated earlier this month, list Russia, Belarus, Kazakhstan and Thailand among the jurisdictions where its services are prohibited.

The acquisition could provide a route into the Thai market through a locally licensed operator, although Bitget has not explained whether the deal would change its existing restrictions or how it would structure its services in the country.

Acquisition Involves BTGT Management

The transaction involves BTGT Management (Thailand), in which Bitget says it holds an interest. GMO Internet disclosed the proposed sale in a filing earlier this month, with completion targeted for the end of the month.

Bitget CEO Gracy Chen said the acquisition would support the company's plans to establish local operations in Thailand.

Bitget has not disclosed its ownership interest in BTGT Management or the financial terms of the proposed deal.

GMO-Z.com Cryptonomics operates Z.com EX, which launched in 2021. Thailand's Securities and Exchange Commission lists the company among its licensed digital asset exchange operators.

The transaction remains subject to regulatory approval and other conditions.

Bitget announces the planned acquisition of https://t.co/8n84byLFUI Cryptonomics (Thailand), providing an opportunity for Bitget to establish a stronger operational presence in Thailand. https://t.co/dTXxwW9Ze8 Cryptonomics is a Bangkok-based licensed digital asset exchange and brokerage. Find out more 👇 https://t.co/s1Kw9I0FNi

Security Incident Affected Approximately $388 Million

Last month, a security incident disclosed by Bitget last month. The exchange said attackers exploited a vulnerability in a third-party security product to issue fraudulent withdrawal commands, affecting approximately $388 million.

Bitget said customer account balances were unaffected. It completed the phased restoration of withdrawal services earlier this month.