Bitget to Buy Thailand's GMO-Z.com Cryptonomics Weeks After $388M Hack

Bitget has announced plans to acquire Thailand's GMO-Z.com Cryptonomics, a move aimed at expanding its presence in Southeast Asia. The deal was disclosed by GMO Internet in a Sept. 24 filing, which named BTGT Management (Thailand) as the buyer and set a target completion date of Oct. 31. Bitget subsequently confirmed its own involvement in the transaction, according to an announcement shared with Cointelegraph. The company says it holds an interest in BTGT Management but declined to say how large that stake is.

The acquisition would give Bitget a route into Thailand through a locally licensed operator. GMO-Z.com Cryptonomics runs Z.com EX, which launched in February 2021 and appears on the Thai Securities and Exchange Commission's list of licensed digital asset exchange operators. Bitget CEO Gracy Chen described Thailand as an important part of Southeast Asia's digital asset landscape, saying the deal offers an opportunity to establish local operations in the country.

The proposal lands weeks after a significant security incident at Bitget. On Sept. 24, attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands targeting the exchange's hot and warm wallet infrastructure, affecting roughly $388 million. Bitget said customer account balances were not affected and completed a phased restoration of withdrawals on Oct. 2.

Bitget's Thai ambitions sit alongside a restrictive access policy in its own rulebook. Terms of use updated Oct. 16 list Russia, Belarus and Kazakhstan among prohibited jurisdictions, and Thailand is also on that list. A deal for a licensed local exchange could allow Bitget to serve Thai users indirectly rather than through its offshore platform.

On Oct. 17, Bitget also announced plans to discontinue services for certain users, calling the move a "one-off exercise" without detailing which accounts would be affected. The acquisition remains subject to regulatory approval and other conditions, leaving the Oct. 31 target uncertain. Bitget declined to comment on the financial and ownership terms of the proposed purchase.