Thailand’s SCBX scraps $500m deal for crypto exchange Bitkub: report

SCBX said that Bitkub needs time to fix its issues with the local regulator.

SCBX said that Bitkub needs time to fix its issues with the local regulator.

Thailand’s oldest lender, SCBX, has announced that it is pulling out of a $500m deal to buy crypto exchange Bitkub.

According to an announcement cited by Reuters, SCBX said that Btikub needed time to fix issues raised by the local regulator.

The Thai Securities and Exchange Commission had earlier ordered the crypto platform to review the listing process of KUB coin on its exchange.

"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," SCBX reportedly said in a statement, adding, "As a result, the buyer and the seller have agreed to terminate the transaction.”

The acquisition was first announced in November 2021, and would have involved SCBX taking over a 51% stake in the exchange.

Read more from Reuters.

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