Bitget Plans Acquisition of Thai Crypto Exchange GMO-Z.com
The proposed acquisition through BTGT Management aims to provide Bitget with a licensed entry into the Thai digital asset market.
Crypto exchange Bitget has announced plans to acquire Thailand's GMO-Z.com Cryptonomics, seeking to expand its Southeast Asia footprint weeks after a major security breach. According to an announcement shared with Cointelegraph, the proposed transaction involves BTGT Management (Thailand), a company in which Bitget holds an interest.
The acquisition is intended to allow Bitget to introduce its trading platform to Thai users through a locally licensed operator. GMO Internet disclosed the proposed sale to BTGT Management in a Sept. 24 filing, targeting a completion date of Oct. 31, subject to regulatory approval and other conditions.
Instant Telegram notifications for large on-chain moves.
Expansion and Regulatory Status
GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021. The entity is listed by Thailand's Securities and Exchange Commission among its licensed digital asset exchange operators.
Bitget declined to comment on the exact financial and ownership terms of the proposed acquisition or the precise level of its interest in BTGT Management. The company's terms of use, updated Oct. 16, currently list Thailand as a prohibited jurisdiction, making the acquisition a potential route to serving the market legally.
Recent Infrastructure Breach
The planned expansion follows a Sept. 24 attack on Bitget's hot and warm wallet infrastructure. The company reported that approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands.
Bitget stated that customer account balances remained unaffected by the incident. The exchange completed a phased restoration of withdrawals on Oct. 2.
Key facts
- Bitget announced plans to acquire Thailand's GMO-Z.com Cryptonomics to expand its Southeast Asia footprint.
- The transaction involves BTGT Management (Thailand) and targets completion by Oct. 31.
- GMO-Z.com Cryptonomics operates Z.com EX and is licensed by Thailand's Securities and Exchange Commission.
- The announcement follows a Sept. 24 security breach affecting approximately $388 million in hot and warm wallets.
Source: cointelegraph.com
This article is for information only and is not investment advice. BullishMarketCap news is produced with AI assistance from public sources and reviewed by our editors; see our editorial policy. Spotted an error? Tell us.
