Cryptocurrency News

Siam Commercial Bank abandons plans to purchase $500M stake in crypto exchange Bitkub

08/25/2022

Less than a minute

2022.08.25 20:05

Siam Commercial Bank abandons plans to purchase $500M stake in crypto exchange Bitkub

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.

08/25/2022

Less than a minute

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