Bitget Strikes Deal To Buy Licensed Thai Crypto Exchange From GMO Internet

Crypto exchange Bitget has signed a deal to buy Bangkok-based licensed crypto exchange GMO-Z.com Cryptonomics (Thailand) from GMO Internet, pending regulatory approval.

Key Takeaways

Bitget will acquire GMO-Z.com Cryptonomics (Thailand) through its interest in BTGT Management (Thailand) Ltd.
GMO Internet and its subsidiary GMO-Z.com Holdings (Thailand) will transfer their entire shareholding in the exchange.
The deal requires regulatory approval for the change of control, among other conditions.
Bitget plans to offer its trading platform to Thai users once the deal closes.

Deal Structure

Under the agreement, GMO Internet, its subsidiary GMO-Z.com Holdings (Thailand) and other shareholders will transfer all their shares in GMO-Z.com Cryptonomics (Thailand) to BTGT Management (Thailand) Ltd. or an entity it designates.

Completion depends on regulatory approval and other conditions that were not specified.

Licensed Foothold In Thailand

GMO-Z.com Cryptonomics (Thailand) operates a licensed digital asset exchange and brokerage in Thailand. Buying a licensed operator gives Bitget a local entity in the country.

Bitget said it plans to launch its platform for Thai users only after the deal closes and regulators approve the change of control.

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Regional Push

Bitget said the deal is part of its review of expansion options across Southeast Asia.

CEO Gracy Chen said the company’s priority in Thailand is building its local operations before launch.

What Was Not Disclosed

The announcement, dated October 20, did not include the purchase price, an expected completion date or the number of users on GMO-Z.com Cryptonomics (Thailand). It also did not say whether the exchange’s existing staff or customers will move to Bitget’s platform.