Bitget acquires GMO-Z.com Cryptonomics in Thailand expansion

Cryptocurrency exchange Bitget announced plans on October 20, 2026, to acquire Bangkok-based GMO-Z.com Cryptonomics through its interest in BTGT Management. The deal provides Bitget with a licensed entry point into Thailand's regulated market, bypasses local platform restrictions, and furthers its Southeast Asian expansion strategy. Subject to SEC regulatory approval, the announcement follows a September 24 breach impacting $388 million in Bitget's wallets.

Acquisition terms and transaction details

• ▪GMO Internet disclosed the proposed sale of GMO-Z.com Cryptonomics to BTGT Management (Thailand) Ltd. in a September 24, 2026 filing, targeting completion by October 31, 2026
• ▪Bitget declined to comment on the financial terms, ownership breakdown, or exact size of its stake in BTGT Management (Thailand) Ltd. regarding its proposed acquisition of GMO-Z.com Cryptonomics
• ▪Bitget announced a proposed transaction to acquire Bangkok-based digital asset exchange and brokerage GMO-Z.com Cryptonomics (Thailand) Co., Ltd. through its interest in BTGT Management (Thailand) Ltd.
• ▪Under the proposed acquisition of GMO-Z.com Cryptonomics, parent company GMO Internet, Inc. and GMO-Z.com Holdings (Thailand) Co., Ltd. will transfer their entire shareholding in GMO-Z.com Cryptonomics to BTGT Management (Thailand) Ltd.

Thailand licensing and regulatory requirements

• ▪Completion of Bitget's proposed acquisition of GMO-Z.com Cryptonomics and Bitget's subsequent platform launch in Thailand are subject to obtaining regulatory approval for the change of control from Thai authorities
• ▪GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021 and is registered on Thailand's Securities and Exchange Commission list of licensed digital asset exchange operators
• ▪Thailand requires digital asset exchanges to hold licenses from its Securities and Exchange Commission and moved in 2025 to restrict unlicensed foreign trading platforms

Bitget's strategy for Thai market entry

• ▪Acquiring a licensed local entity provides Bitget a regulated operational foundation in Thailand rather than building a new platform from scratch or operating an unlicensed foreign service
• ▪Bitget listed Thailand, Russia, Belarus, and Kazakhstan as prohibited jurisdictions in its updated October 16, 2026 terms of use, but its proposed acquisition of GMO-Z.com Cryptonomics offers a legal route to serve Thai users upon regulatory approval

Bitget's Southeast Asia expansion strategy

• ▪Bitget CEO Gracy Chen stated on October 20, 2026 that building a market presence requires local expertise, regulatory understanding, and long-term commitment
• ▪Bitget is evaluating local operating capabilities across Southeast Asia to participate long-term in markets with developing digital asset frameworks

September 2026 security breach

• ▪Bitget stated customer account balances were unaffected by the September 24, 2026 security breach and completed phased withdrawal restorations by October 2, 2026
• ▪Attackers compromised Bitget's hot and warm wallet infrastructure on September 24, 2026 through a third-party security vulnerability, impacting approximately $388 million