SCBannounced that it has withdrawn from the acquisition deal of $500 million worth of crypto exchange Bitkub.
The two companies had aimed to finalize their deals by January, but silence on both sides in recent months has spurred SCB to lower its purchase price. BitkubIt has led to speculation that the company is exploiting its regulatory woes.
SCB Terminates $500 Million Bitkub Purchase
Siam Commercial Bank ‘s parent company, SCB X, would buy 51 percent of Bitkub’s shares for 17.8 billion baht ($496 million). However, SCB notified the Thai Stock Exchange on Thursday that the deal was terminated, citing regulatory action Bitkub has faced in recent months.
The deal would give SCB an early lead in Thailand’s crypto market. In May, Bitkub faced fines for violating the SEC’s digital asset listing criteria, which put the deal in a stalemate and the purchase was cancelled.
With the cancellation of the agreement SCB XThe following statement was made by:
“Bitkub is currently in the process of resolving several issues according to the recommendations and orders of the Securities and Exchange Commission of Thailand, whose timeframe for resolving these issues is uncertain. As a result, the buyer and seller agreed to terminate the transaction”
