Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub.
In a Thursday announcement, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht — roughly $536 million in November and $497 million at the time of publication — to acquire a 51% stake in the Thailand-based crypto exchange. The bank cited concerns with Bitkub “resolving various issues” according to recommendations from the country’s Securities and Exchange Commission without a definite timeline.
According to the SCB, the company conducted a due diligence exercise on Bitkub following the November 2021 announcement it planned to become a majority shareholder, resulting in “many opportunities for cooperation in various areas in order to develop and improve the business operations” of the crypto exchange. However, its board of directors passed a resolution to terminate the deal on Thursday.
“SCB X Public Company...
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