SCBX Pulls Out of Deal to Buy Bitkub, Thai’s Leading Crypto Exchange

Share This Post

After months of negotiations between Thailand’s oldest lender, SCBX, and crypto exchange Bitkub, it appears that the lender is pulling out of a $500 million take-over deal earlier agreed, citing regulatory issues as its reason for the action. 

According to a statement from SCBX, “Bitkub is currently embroiled in a number of regulatory issues and is working with the Securities and Exchange Commission of Thailand to resolve the issues.” The lender added that while the exchange is doing all it can to resolve the issue, they haven’t been provided with a definite time frame for which things would be sorted out. 

Since there is no headway at the moment, both parties have now decided to terminate earlier arrangements. 

SCBX’s stand 

SCBX had expressed intentions to buy the crypto exchange a few months ago and has been working with all parties involved to make the deal happen. Representatives from the lender added that it had conducted due diligence on the exchange and hadn’t spotted anything abnormal about its activities. 

Despite earlier agreements, SCBX is backtracking on the move after the Thai Security and Exchange Commission petitioned the crypto exchange to review its listing process following the listing of the KUB coin a few months ago. 

It should be recalled that SCBX had, in principle, agreed to buy 51% shares of Bitkub, a deal reportedly worth 17.85 billion baht($497.77). The deal was the company’s inroad into the bubbling crypto space. Despite the current setback, SCBX isn’t relenting in its decision to sojourn into the crypto space. It added that it is committed to expanding its business into the blockchain and digital assets arena.

While SCBX has been very upfront on the reason for pulling out of the deal, Bitkub hasn’t released any official comment. More so, requests for comments have not been returned. 

Nitish Vaibhav
Nitish Vaibhavhttp://thetradingbay.com
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

Related Posts

Best Pharma Stocks List – Top 6 Pharma Stocks To Buy Now

The pharmaceutical market is considered one of the most...

Best Crypto Exchange in India – List of Top 5 in 2022

Cryptocurrency enthusiasts in India are more passionate than ever...

What is Options Trading? How Does Options Trading Work?

Options are a leading financial derivate in the investment...

What Is Polygon MATIC? A Detailed Guide to Polygon Crypto & Network

The Polygon MATIC network has swiftly risen to prominence...

What Is Sandbox? Everything You Need To Know About The Sandbox Metaverse

Setting the stage for a new digital age, many...

Blue Chip Stocks Explained: What Are Blue Chip Stocks?

While the investing domain is generally labeled as high-risk-prone...
0
Would love your thoughts, please comment.x
()
x