Thai group SCBX cancels plans to acquire Bitkub crypto exchange

Thai group SCBX cancels plans to acquire Bitkub crypto exchange

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Answer Thai group SCBX cancels plans to acquire Bitkub crypto exchange

SCBX – formerly known as Siam Commercial Bank – has withdrawn its intention to buy a 51% stake in cryptocurrency firm Bitkub for $500 million.

She said The financial institution The crypto company needs to resolve its regulatory issues before returning to the negotiating table.

Despite coming close to shaking hands with and agreeing with Bitkub, SCBX has canceled plans to acquire a majority stake in the platform for 17.85 billion baht ($497 million).

It’s worth noting that its decision is not final, and this potential deal may see the light of day, assuming the trading platform resolves its issues with local regulators.

In its statement, the SCBX Group told:

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Bitkub is currently working on solving several problems in accordance with the recommendations and orders of the Securities and Exchange Commission of Thailand, and the resolution of these problems is still uncertain in terms of timeframe.

The SCBX Group added that it remains committed to expanding its business operations in the field of blockchain and cryptocurrency.

The termination of the deal comes shortly after the Securities and Exchange Commission of Thailand asked Bitkub to review the process of listing its native digital currency – KUB Coin (KUB) – on its platform.

The price of the digital currency dropped significantly after the news.

Yesterday, the digital currency KUB was hovering around $2.04, while at the moment of this writing, its valuation is 13% lower around $1.63.

When talking about SCBX, it is worth noting that it is among the leading financial institutions in Thailand.

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Founded in 1904 as the first local bank, the group now employs more than 27,000 employees and serves around 16 million users.

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