SCB’s official notice reads, “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 timeframe in resolving those issues. As a result, the Buyer and the Seller have agreed to terminate the Transaction. “
Siam Commercial Bank, Thailand’s oldest bank, discarded its plans to purchase crypto exchange Bitkub in a $500M deal, citing the platform’s unresolved issues with the Thailand SEC as the reason behind pulling out of the agreement.
On November 2, 2021, SCB agreed to purchase 51% of Bitkub Online Co. shares, with the total value of the transaction exceeding 17.8M Bakhts and the purchase expected to complete by Q1 2022.
However, the Thai Securities and Exchange Commission fined Bitkub for not complying with listing rules when adding its native token, KUB, on the platform’s exchange last month. Additionally, in the last week of July, Bitkub’s CEO, Jirayut Srupsrisopa, claimed the deal was stalled for eight months due to being under a due diligence process.
Today, SCB X Company Limited released a notice claiming that despite not finding any abnormal issues in Bitkub and recognizing the potential of its crypto exchange during the due diligence exercise, both the buyer and seller have agreed to terminate the contract due to unresolved regulation issues with the Thai SEC.
Lastly, SCB reassures that despite scrapping the deal with Bitkub, the firm will continue its plans to expand into the blockchain and crypto markets.
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