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Tuesday, September 27, 2022

Thailand’s Oldest Lender Delays Bitkub Exchange Acquisition Amid Tighter Crypto Rules – Exchanges Bitcoin News

The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.

SCB Postpones Acquisition of Thai Crypto Exchange Bitkub

The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal indefinitely as Thai regulations continue to inhibit growth of crypto trading, Nikkei Asia reported, quoting the financial group.

“We have made it clear in our statement to the Stock Exchange of Thailand (SET) that the deal is still undergoing due diligence,” an unnamed senior official at the SCB X has been quoted as…

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