SCB drops $500 million acquisition of Bitkub

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

  • SCBX announced its acquisition of Bitkub in November last year.
  • The Thai Securities and Exchange Commission raised issues over Bitkub’s listing of a token last month.

SCBX Pcl, the oldest commercial lender in Thailand, has pulled out of a deal that would have seen the financial behemoth acquire cryptocurrency exchange Bitkub.

The lender announced that it had scrapped the $500 million acquisition plan on Thursday, reportedly over regulatory related hurdles.

SCBX planned a 51% takeover of Bitkub

A report by Reuters noted that the firm, whose parent organisation is the SCB Group, had taken the step to allow the crypto startup time to sort out all the issues around regulatory compliance.

According to SCBX, Bitkub had not resolved “various issues” relating to the recommendations and orders previously given by the Thai Securities and Exchange Commission. The bank said in a statement it was uncertain when or how long it would take the crypto platform to satisfactorily handle the said concerns.

SCBX announced plans to acquire Bitkub in November 2021, putting forth a deal that would give it a 51% stake in the firm. The firm’s subsidiary, SBCS, would have tapped into the deal to expand the lender’s crypto-related business. 

However, the completion of the deal would be subject to regulatory approvals from the SEC and Bank of Thailand, among other agencies. 

Last month, the Thai securities watchdog raised concerns over Bitkub’s listing of the native KUB token, ordering the exchange to review the process.

Bitkub and SCBX have agreed to the termination of the deal, with the exchange noting it would look to address any unresolved issues.

Source link

Post Views:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.