Bitget Plans Thai Exchange Acquisition Despite Restrictions on Serving Local Users

Bitget plans to acquire Thailand-based digital asset exchange operator GMO-Z.com Cryptonomics, weeks after a security incident affected its hot and warm wallets.The proposed deal follows Bitget's recent announcement that it would discontinue services for certain users in what it described as a “one-off exercise.”London's trading industry is coming home!Bitget's terms of use, updated earlier this month, list Russia, Belarus, Kazakhstan and Thailand among the jurisdictions where its services are prohibited.

The acquisition could provide a route into the Thai market through a locally licensed operator, although Bitget has not explained whether the deal would change its existing restrictions or how it would structure its services in the country.Acquisition Involves BTGT ManagementThe transaction involves BTGT Management (Thailand), in which Bitget says it holds an interest.

GMO Internet disclosed the proposed sale in a filing earlier this month, with completion targeted for the end of the month.Bitget CEO Gracy Chen said the acquisition would support the company's plans to establish local operations in Thailand.Bitget has not disclosed its ownership interest in BTGT Management or the financial terms of the proposed deal.GMO-Z.com Cryptonomics operates Z.com EX, which launched in 2021.

Continue reading at the original source →