Cryptocurrency exchange Bitget announced an agreement on Oct. 20 to acquire GMO-Z.com Cryptonomics (Thailand) Co. Ltd., securing a regulated footprint in the Southeast Asian country.
Under the transaction, Japanese conglomerate GMO Internet Group Inc. and its Thai holding subsidiary will transfer their 99.94% equity stake in the entity to BTGT Management (Thailand) Ltd., an investment vehicle in which Bitget holds an interest. Financial terms of the agreement were not disclosed.
The acquisition remains subject to change-of-control approval from Thailand’s Securities and Exchange Commission (SEC).
GMO-Z.com Cryptonomics operates Z.com EX, a digital asset exchange and brokerage platform authorized by the Thai Ministry of Finance and regulated by the SEC since February 2021. Following regulatory clearance, Bitget plans to deploy its trading services locally through the acquired business. (Read More: Bitget Rolls Out CFD Demo Trading Feature)
“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,” Bitget CEO Gracy Chen said in a statement. “Our priority is to develop the right operational foundation while bringing Bitget’s global experience and capabilities to the market.” (Read More: Bitget Replenishes Emergency Protection Fund to $300 Million Following Breach)
The deal provides Bitget with an established compliance pathway into the Thai market as local regulators ramp up enforcement against unauthorized overseas entities. Bitget was listed on the Thai SEC’s unlicensed digital asset warning list as recently as Oct. 19, and local authorities previously coordinated access blocks against five offshore platforms, including Bybit and OKX, for operating without a domestic license.
The acquisition follows the exchange’s recovery from a Sept. 24 security breach in which an attacker extracted $387.5 million in digital assets from hot and warm wallets. Bitget covered the losses using its $464 million reserve fund and completed the restoration of client withdrawals earlier this month. (Read More: Bitget Reports 131% Reserve Ratio in First Proof of Reserves Snapshot)
Disclosure: AI is used to assist in developing this story.
This article is published on BitPinas: Bitget to Acquire Licensed Thai Digital Asset Exchange GMO-Z.com Cryptonomics
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