Thailand’s Siam Commercial Bank (SCBX) has announced that it will terminate its acquisition of a 51% stake in crypto asset firm Bitkub, effective August 25, 2022.
CEO Arthid Nanthawithaya said that due diligence did not reveal any significant anomalous issues that could not be remedied, and Bitkub is currently addressing various issues in accordance with the recommendations and orders of the Securities and Exchange Commission of Thailand, with an uncertain time frame for resolving these issues.
Standard Chartered said in a statement that the deal announced on November 2, 2021 to acquire Bitkub had to be cancelled due to the many questions they raised with Bitkub management. Standard Chartered announced in July that it would indefinitely delay planned acquisitions due to due diligence.
Earlier on November 2, 2021, the cryptocurrency exchange Bitkub announced on Tuesday that Thailand’s Siam Commercial Bank acquired a 51% stake for 17.85 billion baht (about 537 million US dollars), and the transaction is expected to be completed in the first quarter of 2022. , pending regulatory approval.