In a major development, Thailand has moved to shut out Bitget, one of the world’s larger crypto exchanges, after its securities watchdog lodged a criminal complaint against the platform’s operator, BG Limited. The company is accused of running a digital asset exchange in the country without the required licence.The Securities and Exchange Commission (SEC) said on Thursday that it had asked the Ministry of Digital Economy and Society to cut off access to Bitget starting December 5. The block is set to apply to the exchange’s website, any related domains and its mobile app. Users with funds on the platform were urged to deal with their holdings before that date arrives.This comes weeks after on October 20, Bitget had announced plans to buy a licensed Thai crypto exchange. This deal runs through its interest in BTGT Management (Thailand), and the company said completion depended on regulatory approval and other conditions. Bitget has said it intends to bring its trading platform to Thai customers once the purchase closes and approval for the change of control is secured.GMO Internet’s September 24 sale disclosure said the buyer’s major shareholders would follow the Thai SEC’s approval rules for major shareholders. In an October 30 update, GMO pushed the scheduled transfer from October 31 to November 30, pointing to ongoing discussions and preparations around applications, approvals and other completion procedures in Thailand. As a result, the planned handover would take place ahead of the Dec. 5 cutoff.According to the regulator, the conduct amounts to operating a digital asset exchange as defined in Section 3 of Thailand’s Emergency Decree on Digital Asset Businesses, which dates to 2018. The SEC says BG Limited breached Section 26 by offering such services without a licence, an offence covered by Section 66. Between 2022 and 2025, the SEC says, Bitget offered crypto trading, charged trading fees and marketed its services in Thai through its websites and social media channels.The complaint also names Kritsana Kritsananuwat. The SEC accuses him of helping promote Bitget through the Facebook page “Srisiam” and the YouTube channel “SRISIAM,” activity that authorities allege supported the exchange’s unlicensed operations. This is however not the first time the watchdog has gone after him. In March 2025 it filed a criminal complaint over claims that he helped promote OKX’s unlicensed exchange activities.Thailand first introduced licensing requirements for digital asset businesses in 2018, then tightened the rules in April 2025 so they reach foreign platforms that target Thai users. Amendments to a separate cybercrime law have also made it simpler for the ministry to block unlicensed platforms.The SEC has submitted the complaint to Thailand’s Economic Crime Suppression Division for investigation. From there, prosecutors will decide whether to bring charges, and the courts will determine any criminal liability.4 Top Prop Trading Firms Overall: Tested & ComparedThe CBDC to Improve the Country’s Digital Economy: PM ModiThe Declining Trend in the NFT Industry and the Rise of StepN!ERA Wallet Review: What the Keylabs Audit Actually Says