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The SCB-Bitkub acquisition deal is no longer happening. Thailand lender, Siam Commercial Bank PCL, in a recent statement mentioned that it has pulled out of the deal and is no longer looking forward to buying crypto exchange Bitkub.
Why Was The SCB-Bitkub Acquisition Deal Scrapped?
SCB noted that this startup crypto exchange had to fix some regulatory issues and that is why the $500 million worth deal could not make it to reality. The lending firm noted that:
“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 the time frame in resolving those issues. As a result, the buyer and the seller have agreed to terminate the transaction.”
However, SCB also mentioned that it did supervise the crypto exchange’s working but did not find anything wrong with it. But the announcement about this recent decision was based on the Thailand SEC’s urge of reviewing the listing process that Bitkub followed to list the KUB coin on its exchange platform.
Earlier, in July 2022, it was reported that the SCB-Bitkub deal was put on hold as the bank decided to conduct due diligence before it actually makes an investment in it. This move was in line with the crypto winter scenario that had wiped off significant funds from various crypto participants at that point in time. Moreover, the fact that the situation has still not improved might even have induced the latest decision.
Back in November 2021, the lender announced that it was going to acquire 51% of crypto exchange Bitkub for 17.85 billion baht (about $497.77 million). This was because it believed that:
“Digital asset exchange has rapidly gained popularity over the past few years and will grow even further in the long term.”
Now that the deal is scrapped, we need to wait for updates on other investments that the lender undertakes. Moreover, whether it will consider crypto investments again or not is a question that remains unanswered.
