Bitget Plans Thai Crypto Exchange Acquisition Weeks After $388 Million Hack
Cryptocurrency exchange Bitget is moving to expand its presence in Southeast Asia through a proposed acquisition of a licensed Thai digital asset operator. The announcement comes less than a month after a major security breach affected approximately $388 million in cryptocurrency assets.
The deal would give Bitget access to Thailand’s regulated crypto market through GMO-Z.com Cryptonomics, which operates the Z.com EX trading platform. However, the acquisition remains subject to regulatory approval and other closing conditions.
Bitget Targets Thailand’s Regulated Crypto Market
Bitget plans to pursue the acquisition through BTGT Management (Thailand), a company in which the exchange holds an ownership interest.
Japan’s GMO Internet disclosed the proposed transaction on September 24, with completion targeted for October 31. The companies have not disclosed the purchase price or Bitget’s ownership percentage in the acquiring entity.
GMO-Z.com Cryptonomics launched its Z.com EX platform in February 2021. The company holds a digital asset exchange license from Thailand’s Securities and Exchange Commission.
The acquisition could provide Bitget with an established regulatory framework for serving Thai customers. Thailand requires cryptocurrency exchanges to obtain local authorization, making licensed operators attractive acquisition targets for international platforms.
Security Breach Raises Questions About Expansion
Bitget’s expansion plans follow a September 24 cyberattack that compromised its hot and warm wallet infrastructure.
The exchange initially estimated the affected assets at approximately $351.6 million. Further blockchain analysis increased that figure to $387.5 million, according to subsequent disclosures.
Investigators identified a vulnerability in third-party security software that allowed attackers to access internal systems and initiate unauthorized withdrawals.
Bitget CEO Gracy Chen said the company’s private keys and cold wallets remained secure. The exchange also maintained that customer balances were unaffected and pledged to cover losses through its protection fund.
Following temporary withdrawal restrictions, Bitget gradually restored services and completed its phased withdrawal recovery on October 2.
Regulatory Approval Remains Critical
The proposed acquisition represents an opportunity for Bitget to strengthen its regional presence while rebuilding confidence following the security incident.
Thailand’s licensing requirements make regulatory compliance essential for international exchanges seeking local operations. Acquiring an existing licensed business could offer a more direct market entry strategy than establishing a new exchange.
However, the transaction does not automatically authorize Bitget’s global platform to serve Thai customers.
The outcome will depend on regulatory clearance and the successful transfer of ownership. If completed, the acquisition could strengthen Bitget’s position in Southeast Asia’s competitive cryptocurrency trading market.
