Siam Commercial Bank (SCB), Thailand’s oldest commercial bank, announced that it has terminated its deal to acquire BitKub.
According to the press release The plan to end the deal was shared by the bank firm. It was approved by the board of directors.
SCB announced the deal in November 2013. It committed to purchasing 51% of BitKub’s shares for more than $500 million. This will give it majority ownership. The bank stated that it continued to do due diligence with the exchange after the announcement.
However, the bank stated that it would end the deal due to regulatory issues the Thailand Securities and Exchange Commission will need to resolve.
“While the Due Diligence exercise didn’t reveal any significant abnormalities that are irremediable issues, Bitkub is currently working to resolve various issues according to the orders and recommendations of the Securities and Exchange Commission of Thailand. These issues are not known in time frames. According to the announcement, both the Buyer and Seller have decided to end the Transaction.
The bank stated that it will continue to expand its footprint in digital currency ecosystem by making acquisitions. SCB 10X Venture Capital, which invests in both Blockchain-based and traditional venture capital, will benefit from the bank’s expansion push in the transaction industry. Decentralized finance (DeFi) ecosystems.
Some companies are located in the SCB 10X portfolio Fireblocks and Ripple Labs are some of the options. The Sandbox is another option. BlockFi.
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