Thai bank SCBX has called off its acquisition of a 51% stake in crypto exchange Bitkub due to regulatory issues, Thai Enquirer reported.
The due diligence exercise found numerous issues that need to be addressed by Bitkub’s management and resolved on the orders of the country’s Securities and Exchange Commission. However, it is uncertain how long it will take for these issues to be resolved.
This cancelation follows the indefinite postponement of the deal in July, which was announced amid the due diligence process.
This marks yet another blow to Bitkub, as local firm Proen Corporation had also announced earlier this month that it will be pulling out of its planned investment in the crypto exchange.
Founded by Jirayut Srupsrisopa in 2018, Bitkub achieved unicorn status after the initial announcement of SCBX’s acquisition, which valued the 51% stake at over US$500 million.
See also: A who’s who of projects facing frostbite in the crypto winter (Updated)
Editing by Miguel Cordon
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