Bitget just announced it will buy 99.94% of Thailand's licensed GMO-Z.com Cryptonomics exchange — a near-total takeover of the company behind the Z.com EX platform, with the share transfer targeted for October 31. For traders, the deal hands one of the world's biggest exchanges a legal front door into Thailand, just weeks after a major hack hit its wallets.
Key points:
- Bitget announced plans to acquire GMO-Z.com Cryptonomics (Thailand) through BTGT Management (Thailand), a company in which Bitget says it holds an interest; the seller filing covers 7,349,446 shares, a 99.94% stake.
- The target runs Z.com EX, a licensed digital asset exchange and brokerage in Bangkok that launched in February 2021 and is listed by Thailand's SEC as a licensed operator.
- The deal still needs regulatory approval, and it comes weeks after a hack hit Bitget's hot and warm wallets — a breach Cointelegraph put at about $388 million.
The buyer side is BTGT Management (Thailand), and the sellers are Japan's GMO Internet and its Thai holding company, together with other shareholders. They will transfer their entire holding in the Bangkok exchange operator when the deal completes. Bitget has not shared the price of the deal or the exact size of its interest in BTGT Management.
The prize is the licence, not just the business. Z.com EX has operated since February 2021 under a Thai digital asset exchange licence, but its owner had already decided in March to leave the Thai crypto business after years of losses — about 88 million baht lost last year alone. For Bitget, buying a licensed local operator is far faster than applying for a new licence from zero.
Read also: Coinbase Among 6 Exchanges Blocked in Kazakhstan — App Stores Next?
Will Thai traders get Bitget by November?
That depends on the regulators. Completion is subject to approval of the change of control, and Bitget says it will introduce its trading platform to Thai users only once the purchase closes. Thailand's rules, tightened in April 2025, push foreign platforms to hold a local licence when they serve Thai users — which is exactly the gap this deal is built to fill.
Why it matters for traders
Southeast Asia is becoming the next big exchange battleground, and licences are the weapon. While some global platforms are being blocked in countries where they operate without local approval, Bitget is buying its way in through the front door — and doing it while still dealing with the fallout of a major wallet hack. If the October 31 transfer completes, Thai traders could soon get a fully local, regulated version of one of the world's largest exchanges.
Read also: BREAKING: Thailand Opens Door to Bitcoin and Ethereum ETFs — New Rules Start October 16
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Cointelegraph, Bitget, FX News Group, EconoTimes
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