Thailand SCB Crypto Exchange Deal: What Happened with Bitkub?

Confused about the SCB Bitkub deal? You're not alone. News initially suggested Siam Commercial Bank (SCB), Thailand’s oldest lender, was acquiring a 51% stake in the popular crypto exchange, Bitkub. Bitkub even announced the news on [DATE]. However, recent developments have changed the landscape.

SCB Abandons Bitkub Stake: The $536 Million Deal That Fell Through

In a surprising turn of events, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht – roughly $536 million – for that stake. The initial plan involved Siam Commercial Securities Company Ltd. (SCBS), a subsidiary, acquiring a 51% stake in local crypto exchange Bitkub. The deal, originally valued at $487 million, was a major talking point.

Why Did SCB Back Out of the Bitkub Deal?

The key reason for the cancellation is unresolved regulatory issues. As crypto trading continues to be hampered by regulation, SCB X has indefinitely decided not to move forward with the 51% stake in Bitkub, Thailand’s major exchange. Siam Commercial Bank (SCB), Thailand’s oldest lender, abandoned a plan to buy a majority of Bitkub Online, the country’s largest crypto exchange, citing unresolved [ISSUES].

SCB and Crypto: What's Next for Thailand's Oldest Lender?

While the 51% stake in Bitkub is off the table, Siam Commercial Bank's future crypto involvement remains to be seen. Keep checking back for updates on SCB's crypto strategy and the future of cryptocurrency trading in Thailand.