Financial holding SCBX Group has withdrawn from acquiring $500 million cryptocurrency exchange Bitkub. Siam Commercial Bank, owner of Thailand’s oldest bank, cited regulatory reasons, Kaohoon.

“Currently, Bitkub is in the process of resolving various issues in accordance with the recommendations and orders of the Thailand Securities and Exchange Commission, and there is an indefinite timetable for rectification of deficiencies,” SCBX said in a statement. Said.

It was announced in November 2021 that the group purchased a 51% stake in the bitcoin exchange for THB 17.85 billion (~$536 million at the time). While the parties plan to close the deal in the first quarter of this year, the buyer was SCB Securities (SCBS).

The company said it has done due diligence on Bitkub in recent months, recognizing the platform’s potential and identifying potential areas for joint business development.

During the review, SCBS found no major issues that could not be fixed. However, considering the Commission’s claims against the exchange, the parties agreed to terminate the transaction.

In the background of the message, the Bitkub Coin (KUB) token fell from levels above $2 to $1.62 – more than 20%. After the recovery, the coin is trading around $1.76 (CoinGekco). The asset’s capitalization is approximately $159 million, ranking 199th in the overall rating in terms of the indicator.

Recall that in July, part of the Huobi crypto exchange in Thailand stopped working. The platform has not been able to align its activities with the requirements of the regulator.

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