A high profile TradFi and DeFi partnership in Thailand won’t be happening any time soon. The country’s oldest bank was unable to acquire the country’s largest local cryptocurrency exchange due to stringent crypto regulations.
Thailand’s oldest bank is unable to acquire the country’s largest local cryptocurrency exchange due to stringent crypto regulations.
As reported by Cointelegraph in November 2021, SCB X Group, a subsidiary of Siam Commercial Bank , was set toby the second quarter of 2022 as part of a plan to become a regional fintech. Now things seem to have taken a twist, as the bank has indefinitely postponed its plans to acquire the popular exchange.
As crypto trading continues to be hampered by regulation, SCB X has indefinitely decided not to move forward with a $487 million offer for a 51% stake in Bitkub, Thailand’s major cryptocurrency exchange platform.to a report by Nikkei Asia on Thursday, the parent company of SCB, SCB X, informed the Stock Exchange of Thailand that the acquisition is “still undergoing due diligence.” A senior official of SCB X told the outlet that the team doesn't know when the deal will be sealed.
The news of the reschedule was revealed earlier this month when SCB X submitted a letter to SET outlining the current situation. In a statement, SCB X CEO Arthid Nanthawithaya said: “Presently, the matter is in the process of due diligence and discussion with the regulatory bodies. Therefore, the completion period of the transaction is now extended.”
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