Thailand’s oldest lender SCBX Pcl has announced it is withdrawing from an earlier decision to purchase a 51% stake in the crypto exchange Bitkub for US$500 million, citing regulatory issues.
See related article: Thailand’s central bank to get more power in crypto regulation overhaul: report
Fast facts
- In a statement addressed to the Stock Exchange of Thailand, the lender said that while the results of the due diligence exercise did not reveal any “significant abnormal issues which are irremediable,” Bitkub is currently in the process of resolving various issues with the Securities and Exchange Commission, Thailand.
- As it is uncertain how much time Bitkub would need to resolve those issues, both “the buyer and seller” have decided to terminate the agreement.
- However, SCBX said it remains committed to expanding into businesses relating to blockchain technology and digital assets in Thailand.
- In May, Bitkub was reportedly hit with fines imposed by the Securities and Exchange Commission’s Criminal Fining Committee for non-compliance with digital asset listing rules.
- Bitkub was also told by the SEC in January last year to temporarily shut down and fix issues causing severe outages.
See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination?
- asia pacific
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- coinbase
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ethereum
- Forkast
- Government
- machine learning
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- regulatory
- SEC - Securities and Exchange Commission
- Thailand
- W3
- zephyrnet
More from Forkast
Markets: Bitcoin sole gainer in crypto top ten, Ether dips, Polkadot leads losers
Source Node: 1660944
Time Stamp: Sep 11, 2022
Bankrupt BlockFi asks court to approve bonuses to keep staff
Source Node: 1921867
Time Stamp: Jan 27, 2023
Markets: Bitcoin price rises above US$20,000, XRP rebounds, Ether rallies
Source Node: 1697784
Time Stamp: Sep 27, 2022
How Web3 gaming is disrupting traditional player economics
Source Node: 2157640
Time Stamp: Jul 3, 2023
Bitcoin slips but remains above US$30,000, amid crypto custodian Prime Trust’s cease order
Source Node: 2146985
Time Stamp: Jun 23, 2023
Tornado Cash founders charged with money laundering crypto, including proceeds from North Korean heists
Source Node: 2232761
Time Stamp: Aug 24, 2023
Markets: Bitcoin, Ether weaken; Litecoin leads declines across top 10 cryptos
Source Node: 1772849
Time Stamp: Dec 16, 2022
Weekly Market Wrap: Bitcoin lingers at US$24,000 level after Wall Street’s worst day in 2023 so far
Source Node: 1976864
Time Stamp: Feb 24, 2023