Crypto exchange targets Southeast Asia footprint weeks after $388M hack
Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics through BTGT Management, seeking to establish local operations in the Thai market. The deal targets completion by October 31, 2024, according to a filing by GMO Internet, the parent company disclosing the proposed sale on September 24.
The acquisition comes roughly three weeks after Bitget’s hot and warm wallets were compromised in a hack affecting $388 million. Bitget completed phased restoration of withdrawals by October 2 and has since tightened operational controls, updating its terms of use on October 16 to list Thailand as a prohibited jurisdiction for new users.
Gracy Chen, Bitget CEO, framed the deal as a strategic opportunity. “Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country,” Chen said.
GMO-Z.com Cryptonomics operates Z.com EX, a trading platform that launched in February 2021. The operator holds a license from Thailand’s Securities and Exchange Commission, which lists it among the country’s approved digital asset exchange operators. The local license provides Bitget a regulatory pathway into a market where it currently cannot serve customers directly.
Bitget said customer account balances were unaffected by the September 24 hack. The company declined to disclose its ownership stake in BTGT Management or the financial terms of the acquisition. The regulatory approval timeline and specific conditions for deal completion were not disclosed.
The acquisition also aligns with Bitget’s announced plans to discontinue services for certain users, a move announced on October 17. Those details were not specified in the company’s public disclosures.
