Crypto exchange Bitget targets Thai market with acquisition weeks after $388M hack

Proposed purchase of GMO-Z.com Cryptonomics would give Bitget a locally licensed foothold in a market it currently lists as prohibited

By LineZotpaper

Published20 October 2026

Read Time2 min

Crypto exchange Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics, operator of the Z.com EX trading platform, in a deal that would give it a locally licensed presence in a Southeast Asian market weeks after a major hack hit its wallet infrastructure. Completion is targeted for October 31, subject to regulatory approval.

Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics, seeking to expand its Southeast Asia footprint weeks after a major hack impacted its hot and warm wallets.

The proposed transaction involves BTGT Management (Thailand), a company in which Bitget says it holds an interest, according to an announcement shared with Cointelegraph. The acquisition will allow Bitget to introduce its trading platform to Thai users.

“Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country,” said Bitget CEO Gracy Chen.

GMO Internet disclosed the proposed sale to BTGT Management in a September 24 filing, targeting completion for October 31. Bitget’s announcement identifies its involvement in the transaction.

Bitget declined to comment on how much interest in BTGT Management the company holds and the financial and ownership terms of the proposed acquisition.

GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021. Thailand’s Securities and Exchange Commission lists the company among its licensed digital asset exchange operators. Completion of the deal remains subject to regulatory approval and other conditions.

Thai expansion comes weeks after hack

The proposed deal follows a September 24 attack on Bitget’s hot and warm wallet infrastructure. In its account of the breach, Bitget said approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands. Bitget said customer account balances were unaffected and that it completed the phased restoration of withdrawals on October 2.

On October 17, Bitget also announced plans to discontinue services for certain users, describing the move as a “one-off exercise.” Bitget’s terms of use, updated October 16, list Russia, Belarus and Kazakhstan among its prohibited jurisdictions. Thailand is also listed as a prohibited jurisdiction, although the proposed acquisition could provide Bitget with a route to serving the market through a locally licensed operator.

Analysis

Why This Matters

Bitget's move into Thailand could signal a recovery strategy after a $388M hack, shifting focus to regulated markets in Southeast Asia.
The acquisition highlights how exchanges use licensed local partners to enter jurisdictions they otherwise restrict.
Regulatory approval will test Thailand’s openness to foreign exchange operators after new crypto ETF rules.

Background

Bitget, a global cryptocurrency exchange, suffered a significant security breach on September 24, 2026, when attackers exploited a third-party security vulnerability to drain approximately $388 million from its hot and warm wallets. The exchange said customer balances were unaffected and restored withdrawals by early October. Weeks later, Bitget announced plans to discontinue services in certain jurisdictions and updated its terms of use to prohibit users from Russia, Belarus, Kazakhstan, and Thailand. The proposed acquisition of GMO-Z.com Cryptonomics, a Thai-licensed operator, would allow Bitget to sidestep its own prohibition on Thai users by serving them through a locally regulated entity.

Key Perspectives

Bitget (CEO Gracy Chen): Thailand is a vital market in Southeast Asia’s digital asset landscape and the acquisition offers a chance to establish local operations in a thriving country. Thai SEC: The regulator will assess the acquisition for compliance with local licensing conditions; it currently lists GMO-Z.com among approved digital asset exchange operators. Industry observers: The deal comes soon after a major hack, raising questions about Bitget’s risk controls and whether the acquisition is a strategic pivot or a distraction from security issues.

What to Watch

Whether the Thai SEC approves the acquisition by the October 31 target date.
Bitget’s next steps in other prohibited jurisdictions and its broader Southeast Asia expansion plans.
Any updates from Bitget on the September hack investigation or security product changes.

Sources

Bitget plans Thai crypto exchange acquisition weeks after $388M hack · Cointelegraph.com News

Checked

10 claims in this story checked against 1 source: 9 supported.

Show each claim

SupportedBitget is targeting Thailand through a proposed acquisition weeks after a $388 million hack.Cointelegraph.com News: “Bitget plans Thai crypto exchange acquisition weeks after $388M hack.”
Partly supportedThe proposed purchase would give Bitget a locally licensed foothold in Thailand, a market its terms list as prohibited.Cointelegraph.com News: “Thailand is also listed as a prohibited jurisdiction, although the proposed acquisition could provide Bitget with a route to serving the market through a locally licensed operator.”
SupportedBitget announced plans to acquire GMO-Z.com Cryptonomics to expand in Southeast Asia.Cointelegraph.com News: “Crypto exchange Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics, seeking to expand its Southeast Asia footprint”
SupportedThe acquisition would allow Bitget to introduce its trading platform to Thai users.Cointelegraph.com News: “The acquisition will allow Bitget to introduce its trading platform to Thai users.”
SupportedBitget CEO Gracy Chen said the acquisition offered an opportunity to establish local operations in Thailand.Cointelegraph.com News: ““Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country,” said Bitget CEO Gracy Chen.”
SupportedGMO Internet disclosed the proposed sale to BTGT Management on September 24, targeting completion on October 31.Cointelegraph.com News: “GMO Internet disclosed the proposed sale to BTGT Management in a Sept. 24 filing, targeting completion for Oct. 31.”
SupportedThe deal remains subject to regulatory approval and other conditions.Cointelegraph.com News: “Completion remains subject to regulatory approval and other conditions.”
SupportedIn its account of the September 24 attack, Bitget said about $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands.Cointelegraph.com News: “Bitget said approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands.”
SupportedBitget said customer account balances were unaffected and that phased withdrawal restoration was completed on October 2.Cointelegraph.com News: “Bitget said customer account balances were unaffected and that it completed the phased restoration of withdrawals on Oct. 2.”
SupportedBitget described its October 17 plans to discontinue services for certain users as a “one-off exercise.”Cointelegraph.com News: “On Oct. 17, Bitget also announced plans to discontinue services for certain users, describing the move as a “one-off exercise.””