Thailand’s SCBX scraps $500m deal for crypto exchange Bitkub: report

SCBX said that Bitkub needs time to fix its issues with the local regulator.

Thailand’s oldest lender, SCBX, has announced that it is pulling out of a $500m deal to buy crypto exchange Bitkub.

According to an announcement cited by Reuters, SCBX said that Btikub needed time to fix issues raised by the local regulator.

The Thai Securities and Exchange Commission had earlier ordered the crypto platform to review the listing process of KUB coin on its exchange.

"Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, Thailand, which are uncertain in terms of timeframe in resolving those issues," SCBX reportedly said in a statement, adding, "As a result, the buyer and the seller have agreed to terminate the transaction.”

The acquisition was first announced in November 2021, and would have involved SCBX taking over a 51% stake in the exchange.

Read more from Reuters.

Follow the links for more news on

SCBX

Siam Commercial Bank

cryptocurrency

Also Read

Taiwan’s Hua Nan’s asset quality to remain sound through 2025

Robust employment, stable housing market anchors CUB’s profits

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit