SCB has announced that it is withdrawing from the deal to buy $500 million worth of crypto exchange Bitkub.
The two companies had aimed to complete their deals by January, but silence on both sides in recent months has led to speculation that SCB is using Bitkub’s regulatory woes to lower the purchase price.
SCB Terminates $500 Million Bitkub Purchase
SCB X, the parent company of Siam Commercial Bank, would buy 51 percent of Bitkub’s shares for 17.8 billion baht ($496 million). However, SCB notified the Thai Stock Exchange on Thursday that the deal was terminated, citing regulatory action Bitkub has faced in recent months.
The deal would give SCB an early lead in Thailand’s crypto market. In May, Bitkub faced fines for violating the SEC’s digital asset listing criteria, which put the deal in a stalemate and the purchase was cancelled.
With the cancellation of the agreement, the statement made by SCB X included the following:
“Bitkub is currently in the process of resolving several issues according to the recommendations and orders of the Securities and Exchange Commission of Thailand, whose timeframe for resolving these issues is uncertain. As a result, the buyer and seller agreed to terminate the transaction”
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