Siam Commercial Bank, Thailand’s oldest bank, has canceled a $500 million cryptocurrency deal.
Siam Commercial Bank was preparing to buy Bitkub, one of the local cryptocurrency exchanges, for $ 500 million.
The bank announced in its statement today that this plan has been canceled.
The Securities and Exchange Commission (SEC) in Thailand reported to Bitkub a month ago. ordered a reconsideration of the listing processes on the exchange..
Siam Commercial Bank, in a statement about why the purchase agreement was canceled, said that the exchange’s There are still some issues with the regulations that need to be fixed. stated.
Siam Commercial Bank announced its plan to acquire Bitkub in November last year. The deal was expected to be completed in the first quarter of this year under normal circumstances. However, the following statements were used in the bank’s statement today:
“Bitkub is currently trying to resolve some issues in line with the recommendations and guidelines of the Securities and Exchange Commission. It is unclear when these problems will be resolved.”
Siam Commercial Bank is not moving away from the crypto money and blockchain industry, even though this deal is settled. The bank already has an investment arm called SCB 10X, which invests in blockchain and DeFi start-ups.