Bitget Plans Acquisition of Thai Firm GMO-Z.com Cryptonomics to Boost Southeast Asia Presence Post-Hack

The acquisition deal involves BTGT Management (Thailand), an entity in which Bitget claims to hold a stake, according to information shared with Cointelegraph. Successfully acquiring this company would enable Bitget to bring its trading platform directly to users in Thailand.

Bitget CEO Gracy Chen emphasized Thailand’s importance in the regional digital asset market, stating that the purchase offers an excellent chance to launch local operations in a dynamic economy.

GMO Internet disclosed the planned sale of BTGT Management on September 24, with a scheduled deal closing by October 31. Bitget's statement confirmed its role in this transaction.

Bitget has not provided details on the extent of its ownership interest in BTGT Management or disclosed the financial terms and ownership structure of the proposed purchase.

GMO-Z.com Cryptonomics operates the Z.com EX trading platform, which was introduced in February 2021. The company is officially licensed as a digital asset exchange operator by Thailand's Securities and Exchange Commission.

Finalizing the deal is contingent upon receiving approval from regulatory authorities and fulfilling other necessary conditions.

This expansion plan emerges shortly after Bitget experienced a cyberattack on September 24 that compromised its hot and warm wallet infrastructure. The breach involved attackers exploiting vulnerabilities in a third-party security system and issuing fraudulent withdrawal requests, reportedly putting roughly $388 million at risk.

Bitget assured that customer balances were safe and completed a phased process restoring withdrawal services by October 2.

On October 17, Bitget announced a decision to discontinue service for a subset of users, describing this as a singular, non-recurring action.

Updates to Bitget’s terms of use on October 16 list Russia, Belarus, Kazakhstan, and Thailand among prohibited jurisdictions. However, the pending acquisition of a locally licensed Thai operator could enable Bitget to legally serve the Thai market despite these restrictions.

Bitget's planned acquisition is significant as it represents a strategic effort to rebuild and expand its market presence in Southeast Asia after a major security incident, potentially positioning the exchange for stronger local compliance and growth.

The move highlights the importance of licensed local operations for cryptocurrency exchanges aiming to access and serve regulated markets amid increasing cybersecurity challenges.