webfact Posted July 23, 2022 Share Posted July 23, 2022 by Lubomir Tassev The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading. SCB Postpones Acquisition of Thai Crypto Exchange Bitkub The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal indefinitely as Thai regulations continue to inhibit growth of crypto trading, Nikkei Asia reported, quoting the financial group. “We have made it clear in our statement to the Stock Exchange of Thailand (SET) that the deal is still undergoing due diligence,” an unnamed senior official at the SCB X has been quoted as stating. “We don’t know when the deal will be sealed,” he added. Earlier in July, the company notified the SET that the matter is still being discussed with regulatory bodies and that its completion period had been extended. Full story: https://news.bitcoin.com/thailands-oldest-lender-delays-bitkub-exchange-acquisition-amid-tighter-crypto-rules/ -- © Copyright Bitcoin 2022-07-23 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! 1 Link to comment Share on other sites More sharing options...
Thailand Posted July 23, 2022 Share Posted July 23, 2022 Not good news for Bitkub? Link to comment Share on other sites More sharing options...
phetphet Posted July 23, 2022 Share Posted July 23, 2022 Probably hoping for a better price now that crypto prices are down. Link to comment Share on other sites More sharing options...
wombat Posted July 23, 2022 Share Posted July 23, 2022 Following Musks pump and dump scenario when it comes to buying low? Link to comment Share on other sites More sharing options...
worgeordie Posted July 23, 2022 Share Posted July 23, 2022 They most likely got scared off with what happened at ZIPMEX , could Bitkub have similar problems ,and also does not do anything for confidence in Thai Crypto firms..best back away. regards worgeordie Link to comment Share on other sites More sharing options...
ukrules Posted July 23, 2022 Share Posted July 23, 2022 1 hour ago, worgeordie said: They most likely got scared off with what happened at ZIPMEX , could Bitkub have similar problems ,and also does not do anything for confidence in Thai Crypto firms..best back away. regards worgeordie It's due to changes in regulations which prohibit banks from investing in, owning and / or operating crypto exchanges. Quote Banks are prohibited from investing or trading in cryptocurrency, offering cryptocurrency exchanges and creating platforms for cryptocurrency trading, the central bank’s governor, Veerathai Santiprabhob, said in a circular. Source : https://www.reuters.com/article/thailand-economy-cenbank-idUSL4N1Q234I This is not new and they would have known about this long ago, the above article is dated 2018. If anything the regulations have become stricter since then and maybe now they're enforcing them in some new way. SCB want a piece of the pie, the markets will go nuts again - it's just a matter of time - this will cost SCB dearly in the longer run if they don't figure out a way around it. 1 1 Link to comment Share on other sites More sharing options...
piewarmer Posted August 14, 2022 Share Posted August 14, 2022 On 7/23/2022 at 3:31 PM, worgeordie said: They most likely got scared off with what happened at ZIPMEX , could Bitkub have similar problems ,and also does not do anything for confidence in Thai Crypto firms..best back away. regards worgeordie Bitkub doesn't support leverage, they are fine Link to comment Share on other sites More sharing options...
how241 Posted August 14, 2022 Share Posted August 14, 2022 4 hours ago, piewarmer said: Bitkub doesn't support leverage, they are fine The problem with 'leverage' is not how the customers use it But what the exchange itself does with your deposited assets and how they use them to earn returns. Just my opinion. 1 Link to comment Share on other sites More sharing options...
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