Bitget Moves to Acquire Licensed Thai Crypto Exchange GMO-Z.com Weeks After $388M Hack

Crypto exchange Bitget has announced plans to acquire GMO-Z.com Cryptonomics (Thailand), a licensed digital asset exchange and brokerage based in Bangkok, as part of a Southeast Asia expansion push. The deal would be executed through BTGT Management (Thailand) Ltd., a company in which Bitget holds an interest, though the company declined to disclose the specific ownership stake or financial terms of the transaction. Completion remains subject to regulatory approval and other conditions.

GMO Internet disclosed the proposed sale to BTGT Management in a September 24 filing, with a targeted completion date of October 31. GMO-Z.com Cryptonomics operates Z.com EX, a digital asset exchange licensed by Thailand's Securities and Exchange Commission that has been running since February 2021. The acquisition would give Bitget access to an established local operator and a route into the Thai market, which is currently listed as a prohibited jurisdiction in Bitget's own terms of use updated October 16.

The announcement comes just weeks after a September 24 attack on Bitget's hot and warm wallet infrastructure in which approximately $388 million was affected. Bitget attributed the breach to a vulnerability in a third-party security product that allowed fraudulent withdrawal commands to be issued, and said customer account balances were unaffected. The exchange completed a phased restoration of withdrawals on October 2. On October 17, Bitget also announced plans to discontinue services for certain users, and its updated terms of service added Russia, Belarus and Kazakhstan to its list of prohibited jurisdictions.