- Bitget plans to acquire Thailand‘s GMO-Z.com Cryptonomics, operator of licensed exchange Z.com EX
- The deal involves BTGT Management (Thailand), with completion targeted for Oct. 31
- The acquisition follows a $388 million hack on Bitget’s hot and warm wallets in September
- Thailand currently prohibits Bitget’s services, but the acquisition could enable local operations through a licensed entity
Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics, the operator of locally licensed digital asset exchange Z.com EX, marking a strategic push into Southeast Asia weeks after a $388 million security breach. The proposed transaction involves BTGT Management (Thailand), a company in which Bitget holds an interest, with completion targeted for Oct. 31 subject to regulatory approval.
“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,” said Bitget CEO Gracy Chen. GMO Internet disclosed the proposed sale in a Sept. 24 filing, while Bitget declined to comment on the financial terms or the extent of its interest in BTGT Management.
GMO-Z.com Cryptonomics has been licensed by Thailand’s Securities and Exchange Commission since launching Z.com EX in February 2021. The acquisition comes after a Sept. 24 attack on Bitget’s hot and warm wallet infrastructure, which the company said affected approximately $388 million.
In its account of the breach, Bitget explained that attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands. Bitget confirmed that customer account balances were unaffected and completed the phased restoration of withdrawals on Oct. 2.
However, Bitget announced plans to discontinue services for certain users on Oct. 17, describing the move as a one-off exercise. Thailand is currently listed among Bitget’s prohibited jurisdictions, but the proposed acquisition could provide a route to serving the market through a locally licensed operator.
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