Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-08-25 13:20:37

Thailand’s SCB Abandons $500 Million Deal To Acquire Bitkub

According to a press release, Siam Commercial Bank announced Thursday that it is abandoning its $500 million deal to acquire Thailand’s crypto exchange Bitkub. SCB X, the parent company of Siam Commercial Bank, the fourth-largest bank in the kingdom, would have purchased 51% of Bitkub shares for 17.8 billion baht ($496 million). Bitkub, now Thailand’s second unicorn, was valued at 35 billion baht ($1 billion) due to the purchase. SCB’s Deal To Acquire Bitkub Announced In November The deal gets announced in November, and the state of the cryptocurrency markets has gotten worse. The market value of all cryptocurrencies rose to $3 trillion that month, but it fell by $2 trillion by June. On Thursday, SCB terminated the agreement and informed the Stock Exchange of Thailand, citing regulatory action Bitkub had just experienced. In the release, SCB stressed that it is still committed to implementing the strategic plan to enter the blockchain technology and digital asset sector. In 2021, Bitkub revealed a net gain of 5 billion baht. According to CoinMarketCap, its 24-hour turnover was $253 million in November but is now only $40.4 million. After service interruptions brought on by the exchange’s rapidly expanding transaction volume, the Securities and Exchange Commission (SEC) ordered the exchange to upgrade its technical infrastructure. Bitkub was penalized in May for failing to comply with the SEC’s requirements for listing digital ...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.