Bitget's purchase of GMO's Thai exchange
Where it stands now. Bitget has agreed to buy GMO's licensed Thai exchange; the deal still needs the Thai SEC's approval.
The record 1 development
Bitget agrees to buy GMO's Thai crypto exchange
What happened. Crypto exchange Bitget announced on 20 October an agreement to buy GMO-Z.com Cryptonomics, a licensed exchange and broker in Bangkok. Japan's GMO Internet Group and its Thai subsidiary will transfer their 99.94% stake to BTGT Management (Thailand), a company Bitget holds an interest in. The price was not disclosed.
Why it matters. It gives Bitget a licensed base in Thailand, as Thai regulators step up action against overseas platforms without a licence. Bitget was on the Thai SEC's warning list of unlicensed platforms as recently as 19 October. It plans to offer trading in Thailand once regulators approve.
- The deal still needs Thailand's SEC to approve the change of owner.
- GMO-Z.com Cryptonomics runs the Z.com EX exchange, licensed by Thailand's finance ministry and regulated by the SEC since February 2021.
- Thai authorities have already blocked five overseas platforms that had no Thai licence, including Bybit and OKX.
Read the originals (5), usually in their own language
- Bitget to Acquire Licensed Thai Digital Asset Exchange GMO-Z.com Cryptonomics · BitPinas
- Bitget Plans to Acquire Thailand-Licensed Exchange to Accelerate Localization in Southeast Asia · TechFlow
- Bitget Agrees to Buy GMO's Loss-Making Thai Exchange as Japanese Group Exits Thailand · Blockhead
- Bitget plans to acquire GMO's Thai crypto exchange · CoinPost, headline translated by us
- Bitget acquires a licensed crypto exchange in Thailand · Coin68, headline translated by us