TL;DR
Bitget announced an agreement to acquire GMO-Z.com Cryptonomics through BTGT Management, a company in which it holds a stake.
The deal would allow the exchange to enter Thailand’s crypto market through an operator that already holds a local regulatory license.
The acquisition was announced weeks after a cyberattack affected approximately $388 million in funds managed by Bitget.
Bitget announced an agreement to acquire GMO-Z.com Cryptonomics , a company that operates a licensed cryptocurrency exchange in Thailand . The transaction will be carried out through BTGT Management (Thailand), a company in which Bitget holds a stake.
The acquisition would allow the exchange to offer its services to Thai users through an entity that already holds a local license. However, the transaction still requires regulatory approval and must meet other closing conditions.
GMO Internet disclosed the proposed sale on September 24 and set October 31 as the target date for completing the transaction.
Bitget Seeks Entry Into Thailand’s Regulated Market
GMO-Z.com Cryptonomics operates Z.com EX , a cryptocurrency exchange that launched in February 2021. Thailand’s Securities and Exchange Commission (SEC) lists the company among the licensed operators authorized to provide digital asset services.
Bitget CEO Gracy Chen emphasized the importance of the Thai market to the company’s expansion in Southeast Asia. However, the exchange did not disclose the acquisition price or the size of its stake in BTGT Management .
Thailand is currently among the jurisdictions where Bitget restricts its services , according to its terms of use updated on October 16.
The Market After the Hack
The agreement was finalized just weeks after Bitget suffered a cyberattack that affected its hot and warm wallet infrastructure and resulted in $388 million in losses.
According to the company, the attackers exploited a vulnerability in a third-party security product to issue fraudulent withdrawal requests.
The exchange stated that customer account balances were unaffected and that it completed the phased restoration of withdrawals on October 2.
On October 17, the exchange subsequently announced that it would discontinue services for certain users as part of a one-off measure.
Its terms of use also identify Russia, Belarus, and Kazakhstan among its restricted jurisdictions.
