Today Thailand’s SCBX, the holding company for the Siam Commercial Bank (SCB), announced it terminated its deal to acquire a 51% stake in cryptocurrency exchange Bitkub for Thai Baht 17,850 million ($499m). The reason given is Thailand’s regulator, the Securities and Exchange Commission, has requested Bitkub to address some regulatory issues, and it’s unclear how long this will take. According to SCB Securities (SCBS), the acquirer, the deal cancellation was mutually agreed upon.
SCBS says it has spent several months on due diligence, which didn’t raise any red flags. On the contrary, it says it could see many opportunities for cooperation.
SCBX and SCBS said they remain committed to blockchain technology and digital assets.
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