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Taiwanese Bank Back out of Crypto Firm Bitkub’s $500 Million Acquisition

SCBX Pcl (SCB.BK.), Thailand's oldest lender, announced on Thursday that it would be pulling out of a deal worth $500 million to purchase crypto exchange...
SCB BANK
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SCBX Pcl (SCB.BK.), Thailand’s oldest lender, announced on Thursday that it would be pulling out of a deal worth $500 million to purchase crypto exchange Bitkub.

The startup required time to resolve regulatory issues.

SCBX stated in a statement that Bitkub was currently working to resolve various issues according to the orders and recommendations of the Securities and Exchange Commission of Thailand. However, these issues are not known for how long they will take.

It stated that “as a consequence, the buyer and seller have agreed to end the transaction.”

SCBX stated that it had done due diligence and found no abnormalities.

This announcement follows a Thai Securities and Exchange Commission order last month that the crypto platform review the listing process for KUB coin on its cryptocurrency exchange.

SCBX announced in November that it would acquire Bitkub at 17.85 billion baht (497.77 million) as part of its major digital strategy.

According to the bank, it is committed to “strategic plans to expand into businesses related to blockchain technology or digital assets.

Bitkub didn’t immediately respond to a Reuters inquiry for comment.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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