Bitget, a major crypto exchange, has revealed plans to acquire GMO-Z.com Cryptonomics, a licensed digital asset operator in Thailand. The move aims to strengthen Bitget’s presence in Southeast Asia, with the acquisition set to introduce its trading platform to Thai users. Bitget CEO Gracy Chen highlighted Thailand’s significance in the region’s digital asset landscape, calling the deal a strategic opportunity.
The proposed transaction involves BTGT Management (Thailand), a company in which Bitget holds an interest. GMO Internet disclosed the sale in a Sept. 24 filing, with completion targeted for Oct. 31. Bitget declined to disclose the financial terms or its ownership stake in BTGT Management. GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021 and is licensed by Thailand’s Securities and Exchange Commission.
The acquisition comes weeks after Bitget suffered a significant hack on Sept. 24, where attackers exploited a vulnerability in a third-party security product to steal approximately $388 million. Bitget assured users that customer account balances were unaffected and restored withdrawals by Oct. 2. The exchange also recently announced plans to discontinue services for certain users, citing a “one-off exercise.”
Thailand is currently listed as a prohibited jurisdiction in Bitget’s terms of use, alongside Russia, Belarus, and Kazakhstan. However, the acquisition could provide Bitget with a pathway to serve the Thai market through a locally licensed operator. The deal remains subject to regulatory approval and other conditions.