Thailand’s SCBX cancels acquisition of Bitkub Exchange

  • The exchange needs to resolve issues with local regulatory bodies.
  • It was the first bank in the area when it opened in 1904.

Formerly known as Siam Commercial Bank, SCBX Pcl It has abandoned its plan to invest $500 million to acquire a 51% stake in the crypto asset business petcop. The bank said the exchange must address its regulatory concerns before further negotiations can take place.

The company nearly signed a deal to buy a controlling stake in Bitkub for 17.85 billion baht ($497 million), but ultimately decided not to. Its decision is not final, and if the exchange can resolve issues with local regulators, a deal may still be possible.

SCBX reported:

“Bitkub is currently working to resolve several issues in accordance with the recommendations and orders of the Securities and Exchange Commission of Thailand, which is uncertain in terms of the timeframe for resolving these issues.”

The deal is still possible

The monetary organization reiterated its intention to expand its reach into the blockchain and cryptocurrency industries. The end of the deal comes after the Securities and Exchange Commission of Thailand asked Bitkub to re-evaluate the way its original token, KUB Coin (KUB), was listed on the exchange.

In response to the news, the price of the asset fell sharply. The value of KUB dropped from about $2.04 yesterday to about $1.77, a drop of about 13%.

When discussing the best banks in Thailand, it is important to highlight SCBX as one of the most recognizable names. It was the region’s first bank when it opened in 1904, now employs over 27,000 people and has something in the range of 16 million customers.

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