Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $0.00-0.42% 24H
    BITCOIN
    24H : -0.42%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.000.850% 24H
    ETHEREUM
    24H : 0.850%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.001.66% 24H
    BNB
    24H : 1.66%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-0.67% 24H
    XRP
    24H : -0.67%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.000.270% 24H
    CARDANO
    24H : 0.270%
    Volume : $0.00
    Marketcap : $0.00
  • terra-lunaTerra Luna Classic(LUNC)
    $0.00-3.61% 24H
    TERRA LUNA CLASSIC
    24H : -3.61%
    Volume : $0.00
    Marketcap : $0.00
Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
Coinscreed
No Result
View All Result
Home News

SCB delays acquisition of Bitkub due to strict Thai crypto regulations

Marian Romaine by Marian Romaine
7 months ago
in News
Reading Time: 3 mins read
A A
Share on FacebookShare on Twitter
Due to strict cryptocurrency rules, Siam Commercial Bank (SCB) is unable to buy the largest local bitcoin exchange in the nation.
SCB delays acquisition of Bitkub due to strict Thai crypto regulations
SCB delays acquisition of Bitkub due to strict Thai crypto regulations

A subsidiary of Siam Commercial Bank (SCB), SCB X Group, announced in November 2021 that as part of its strategy to establish itself as a regional fintech, it will buy a 51 percent ownership in Bitkub by the second quarter of 2022. Things now appear to have changed because the bank has put off buying the well-liked exchange indefinitely.

SCB X informed the Thai Stock Exchange that the Bitkub acquisition is “still undergoing due diligence.”

SuggestedArticles

Membrance Finance launches fully-backed, regulated Euro stablecoin

Membrance Finance launches regulated Euro stablecoin

10 hours ago
Orion Protocol Suffers $3M Hack On Core Smart Contract

Orion Protocol Suffers $3M Hack On Core Smart Contract

10 hours ago

The company has chosen indefinitely not to proceed with a $487 million offer for a 51 percent share in Bitkub, Thailand’s main cryptocurrency exchange platform, as cryptocurrency trading continues to be constrained by law.

The parent company of SCB, SCB X, reportedly informed the Stock Exchange of Thailand (SET) on Thursday that the acquisition is “still undergoing due diligence.” The squad doesn’t know when the agreement will be finalized, a top SCB X official told the site.

When SCB X sent a letter detailing the current circumstance to SET earlier this month, the information about the rescheduling became public. SCB X’s CEO, Arthid Nanthawithaya, stated in a statement:

ā€œPresently, 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.ā€

With tax incentives for traders and a regulated market for cryptocurrency exchanges, Thailand is recognized as one of Asia’s most progressive countries in the cryptocurrency space. However, many cryptocurrency exchanges, like as Binance and Huobi, have already had trouble with the country’s governmental regulations and rules.

To ensure that cryptocurrencies can only be exchanged as assets on accredited platforms, the Securities and Exchange Commission (SEC) and the Bank of Thailand recently announced stronger cryptocurrency laws and usage restrictions. The news broke as cryptocurrency prices fell across the board, further dampening investor confidence and killing Bitkub’s hopes of growing its customer base.

Sakolkorn Sakavee, the chairman of Bitkub Capital Group Holdings, was fined by the SEC on July 2 for fabricating trade volume data. He received a $216,000 punishment (8 million baht) and a 12-month supervisory employment suspension from the company.

Tags: BittkubSCB

Oh hi there šŸ‘‹
It’s nice to meet you.

Sign up to receive a weekly round-up of the latest happenings in the crypto space!

We don’t spam! Read our privacy policy for more info.

Please check your inbox or spam folder to confirm your subscription.

Coinscreed

Copyright Ā© 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Contact Us
  • Partners
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes

Copyright Ā© 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Join our Telegram ChannelĀ 

Stay on top of Crypto News! Get Daily updates

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!