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.”
London’s trading industry is coming home!
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— Bitget (@bitget) October 20, 2026
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.
This article was written by Tareq Sikder at www.financemagnates.com.
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