Bitget Eyes Thai Exchange Deal After $388M Hack
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Bitget plans to acquire Thailand’s GMO-Z.com Cryptonomics, aiming to expand its presence in Southeast Asia, weeks after a $388 million hack on its system.
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Published: Oct 20, 2026
The acquisition, through a locally licensed operator, will allow Bitget to enter the Thai crypto market.
"Thailand is an important part of Southeast Asia’s digital asset landscape... 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 on Sept. 24, targeting completion by Oct. 31. Bitget's involvement in the transaction is also confirmed.
GMO-Z.com Cryptonomics operates Z.com EX, a licensed digital asset exchange in Thailand since 2021.
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Completion of the acquisition is contingent upon regulatory approval and other conditions.
Thai expansion comes in the wake of a Sept. 24 hack on Bitget’s hot and warm wallet infrastructure, affecting approximately $388 million.
Bitget has taken measures to restore services and protect customers, including discontinuing services for certain users as a "one-off exercise."
The company's terms of use now explicitly prohibit Russia, Belarus, Kazakhstan, and Thailand. However, the acquisition could provide a workaround through a locally licensed operator.