Thailand’s Securities and Exchange Commission took separate actions against three crypto platforms between 5 and 7 November 2026: a criminal complaint against Bitget’s operator, an access block on VCEX, and an order requiring licensed operator Coins TH to fix compliance failures by 8 December. The actions show tighter enforcement against both unlicensed offshore exchanges and licensed local operators in one of Southeast Asia’s most active regulated crypto markets.
Key Facts At A Glance
- The SEC filed a criminal complaint against BG Limited, operator of Bitget, alleging it ran an unlicensed digital asset exchange for Thai users from 2022 to 2025.
- Access to Bitget’s website, associated domains and mobile app in Thailand is set to be blocked from 5 December 2026.
- The complaint also names an individual alleged to have promoted Bitget on Facebook and YouTube.
- The regulator moved to block unlicensed platform VCEX, with the restriction scheduled for 7 November 2026.
- The SEC board ordered licensed operator Coins TH on 5 November to correct deficiencies in governance, IT and client asset systems, and in financial reporting.
- Coins TH must submit and publish its overdue 2024 and 2025 financial statements and report corrective actions by 8 December 2026.
- Bitget said it was reviewing the SEC’s announcement and that user assets remain safe.
Criminal Complaint Against Bitget Operator
The SEC said on 5 November that it had filed a criminal complaint against BG Limited and notified the Ministry of Digital Economy and Society to block access to Bitget from 5 December. The block covers Bitget’s website, associated domains and mobile app. The regulator advised users holding assets on the platform to act before the deadline.
According to the SEC, Bitget offered crypto trading services from 2022 to 2025, charged trading fees, and promoted its services in Thai through its websites and social media channels. The regulator said these activities breached Thailand’s digital asset business licensing requirements. The complaint also names Kritsana Kritsananuwat, who is accused of helping promote Bitget on Facebook and YouTube. The SEC filed a separate complaint against him in March 2025 over alleged promotion of OKX’s unlicensed activities.
The complaint was filed with the Economic Crime Suppression Division. Prosecutors will decide whether to bring charges, and courts will determine criminal liability.
The action came after Bitget’s 20 October announcement of a plan to acquire GMO-Z.com Cryptonomics, a locally licensed exchange and brokerage, through BTGT Management (Thailand). Bitget has said the deal is subject to regulatory approval. A Bitget spokesperson said the exchange was reviewing the SEC announcement and assessing how to engage with the regulator, and said user assets remain safe. Public information does not indicate how the complaint may affect the proposed acquisition.
Coins TH Ordered To Correct Deficiencies
On 5 November 2026, at its board meeting No. 13/2569, the SEC used its powers under Section 35 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) to order Coins TH to correct its operations by 8 December 2026. The order was announced on 6 November.
An SEC review found that Coins TH had shareholders who were not approved and fewer directors than required, and had no audit committee. The regulator said this left the company without effective checks and balances. It also found deficiencies in the company’s IT systems, client asset custody, data management and storage, and outsourcing arrangements. Coins TH had not submitted its financial statements for the 2024 and 2025 accounting years.
Under the order, Coins TH must:
- seek approval for its major shareholders;
- appoint directors to replace those who resigned;
- form an audit committee chaired by an independent director;
- bring its daily and monthly e-Reporting up to date;
- fix its IT, custody and outsourcing arrangements;
- submit its 2024 and 2025 financial statements and publish them on its website.
It must report all corrective actions to the SEC by 8 December 2026. Customers can contact the company’s service centre or the SEC complaints hotline at 1207, option 8.
VCEX Access Restricted
The SEC separately moved to block VCEX, an unlicensed crypto platform operated by Assure Technology Co., Ltd., according to Fintech News Singapore. The restriction was scheduled for 7 November 2026, and investors were urged to withdraw or transfer their assets beforehand. The regulator warned that unlicensed platforms do not offer the same legal protections as licensed operators.
Thailand introduced licensing requirements for digital asset businesses in 2018. It tightened them in April 2025 to cover foreign platforms targeting Thai users, and amendments to a separate cybercrime law made it easier for the ministry to block unlicensed platforms.