{"id":66293,"date":"2022-08-25T14:04:05","date_gmt":"2022-08-25T11:04:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66293"},"modified":"2025-09-07T00:35:39","modified_gmt":"2025-09-06T21:35:39","slug":"thai-scbx-pulls-out-of-bitkub-acquisition-for-500-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/thai-scbx-pulls-out-of-bitkub-acquisition-for-500-million\/","title":{"rendered":"Thai SCBX pulls out of Bitkub acquisition for $500 million"},"content":{"rendered":"<p>The SCBX Group financial conglomerate has pulled out of the deal to acquire the Bitkub cryptocurrency exchange for $500 million. The owner of Thailand&#8217;s oldest bank, Siam Commercial Bank, cited regulatory reasons, according to <a href=\"https:\/\/www.kaohooninternational.com\/markets\/515671\/\">Kaohoon<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Bitkub is currently addressing various issues in line with the recommendations and orders of the Thai Securities and Exchange Commission, with unclear timelines for remedying the deficiencies,&#8221; the SCBX statement said.<\/p>\n<\/blockquote>\n<p>The deal was for 51% of Bitkub&#8217;s shares for 17.85 billion Thai baht (about $536 million at the time) <a href=\"https:\/\/u1f987.com\/en\/news\/thailands-oldest-and-third-largest-bank-siam-commercial-bank-scb-buys-51-stake-in-bitkub-for-536-million\">announced in November 2021<\/a>. The parties had planned to close the deal in the first quarter of the current year, with SCB Securities (SCBS) acting as the buyer.<\/p>\n<p>The company said that in recent months it had carried out a comprehensive review of Bitkub, recognised the platform&#8217;s potential, and identified possible directions for a joint business venture.<\/p>\n<p>During the inspection, SCBS did not identify material issues that could not be resolved. However, taking into account the regulator&#8217;s complaints against the exchange, the parties agreed to terminate the deal.<\/p>\n<p>Following the news, the Bitkub Coin (KUB) token fell from above $2 to $1.62 \u2014 down more than 20%. After a rebound, the coin trades around $1.76 (<a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitkub-coin\">CoinGekco<\/a>). The asset&#8217;s market cap is about $159 million, ranking 199th overall by market cap.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/YTrvASmorKP7Dtg-wA1tm28_V6C4LgWWfKaKnsZctMZuQfUqZdhuRboyFbz0E4YqucXgNgp8m6WjW7tU6vLCkEOs0amLtFj_KuVSCGOpUVijtqoyvlPxDd9vrjkowWkcAod7pje7yS9I2JWvq8y39EQ\" alt=\"Thai SCBX pulls out of Bitkub acquisition for $500 million\"\/><figcaption>Data: CoinGekco.<\/figcaption><\/figure>\n<p>In July, <a href=\"https:\/\/u1f987.com\/en\/news\/thai-regulators-revoke-huobis-crypto-exchange-license\">the Huobi exchange unit ceased operations<\/a> in Thailand. The platform has not been able to bring its activities into line with regulator requirements.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SCBX Group financial conglomerate has pulled out of the deal to acquire the Bitkub cryptocurrency exchange for $500 million. The owner of Thailand&#8217;s oldest bank, Siam Commercial Bank, cited regulatory reasons, Kaohoon reports.<\/p>\n","protected":false},"author":1,"featured_media":66294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1235,1266],"class_list":["post-66293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-mergers-and-acquisitions","tag-thailand"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66293"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66293\/revisions"}],"predecessor-version":[{"id":66295,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66293\/revisions\/66295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66294"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}