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Thailand’s oldest commercial lender, SCBX Pcl, will not pursue the acquisition of popular cryptocurrency exchange, Bitkub.
As reported by Reuters, the bank will has withdrawn its plans to invest $500 million for a 51% share of the exchange on Thursday, citing regulatory hurdles.
Still subject to regulatory approvals from the SEC and Bank of Thailand, SCBX announced its takeover plans in November of 2021 assuring a careful due diligence process since.
The bank stated that Bitkub has still various ongoing issues related to orders given by the Thai Securities and Exchange Commission and is unsure when or if the crypto exchange can comply with the guidelines. The Thai SEC last month expressed its concerns over the listing of the exchange’s native token KUB.
While it decided to abandon the deal, SCBX still intends to get into the blockchain and crypto space. A recent filing with the SEC read:
“SCB X and SCB remain committed to their strategic plans to expand into businesses relating to blockchain technology and digital assets, which will play an important role in Thailand’s economy and financial industry”