Thailand’s SCBX Bank Canceled Acquisition of Bitkub Exchange

• The exchange needs to resolve issues with domestic watchdogs.
• It was the first bank in the region when it opened in 1904.

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

The company almost signed a deal to purchase a controlling share 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 domestic watchdogs, a transaction might still be feasible.

SCBX stated:

“Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, Thailand, which are uncertain in terms of a time frame in resolving those issues.”

Deal Still Possible

The monetary organization has reiterated its intention to broaden its reach into the blockchain and cryptocurrency industries. The deal’s end comes after the Thai Securities and Exchange Commission demanded that Bitkub reevaluate the way its native token, the KUB coin (KUB), was listed on the exchange.

In response to the news, the asset’s price dropped sharply. The value of KUB has dropped from roughly $2.04 yesterday to around $1.77, a drop of nearly 13%.

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

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