Thailand's Securities and Exchange Commission has filed a criminal complaint against Bitget operator BG Limited and ordered domestic internet service providers to block access to the cryptocurrency exchange by December 5, citing unlicensed operations within the kingdom.
The enforcement action targets Bitget's activities between 2022 and 2025, during which the platform allegedly provided digital asset trading services to Thai users without obtaining the necessary license from the regulatory body [Bitcoin Magazine]. The SEC has formally requested that the Ministry of Digital Economy and Society coordinate the access restriction, giving users a narrow window to secure their assets before the block takes effect.
Regulators have explicitly instructed domestic customers to consider taking action regarding their holdings prior to the December 5 deadline [CryptoSlate]. The warning reflects concerns that users may lose access to funds or trading capabilities once the internet service provider block is implemented, potentially trapping assets on a platform that will no longer be reachable through standard domestic connections.
The three-year period of unlicensed operation cited in the complaint suggests the exchange maintained a consistent presence in the Thai market without regulatory approval during a critical growth phase for digital asset adoption in Southeast Asia. The criminal complaint represents a significant escalation from previous warnings, potentially exposing the operator to legal penalties beyond simple administrative fines or cease-and-desist orders.
Bitget has responded to the regulatory pressure by promising to issue guidance to users regarding service access options [CryptoSlate]. However, the company faces the immediate challenge of facilitating asset withdrawals while preparing for a complete service cutoff in the jurisdiction.
The access block order demonstrates Thailand's increasingly stringent approach to offshore exchanges that solicit local users without proper registration. By setting a hard deadline and simultaneously pursuing criminal charges, the SEC is signaling that unauthorized virtual asset service providers will face severe consequences for circumventing the kingdom's licensing requirements.
As the December 5 deadline approaches, users must navigate the transition carefully to ensure they can withdraw cryptocurrencies and fiat holdings before the platform becomes inaccessible through domestic internet connections. The enforcement action serves as a reminder of the risks associated with using unlicensed platforms, particularly in jurisdictions where regulators have established clear frameworks for digital asset service providers.