Thailand’s Oldest Bank Stalling on Acquisition of Crypto Exchange

2022-7-16 22:15

Thailand’s oldest bank is taking its time to consider the agreement it made to purchase the country’s largest cryptocurrency exchange last year. 

Bangkok-listed SCB X agreed to acquire a majority stake in Bitkub Online for 17.9 billion baht ($490 million) at the peak of the crypto markets last Nov, with the intention of closing the deal earlier this year.

Yet, amid conversations with regulators, SCB says there is still due diligence to be carried out. Last month, the Securities and Exchange Commission fined the company and its chief executive for creating “artificial trading volume” on its platform.

The company and five officials were also fined by the regulator in May, due to breaching guidelines when the company listed its own digital coins. SCB has not proposed a completion date for the proposed acquisition of Bitkub. 

SCB ambitions

Heightened regulatory scrutiny facing Thailand’s cryptocurrency industry may be tempering SCB’s ambitions to become a market leader in digital assets. However, the deal’s delay has caused some to question the 115-year-old financial group’s intention to become a regional fintech powerhouse. 

“Bitkub is a key step for SCB to achieve its expansion into digital asset and fintech businesses,” said Asia Plus Securities analyst Therdsak Thaveeteeratham. “The delay further raises doubt about the deal completion. This would be a significant blow to SCB’s regional tech ambition.”

Despite any potential setback regarding the pending Bitkub deal, the banking group is primed to follow through with its expansion into fintech, according to Bloomberg Intelligence. According to a recent report, the group saw broad-based digital adoption in the first quarter for users, loans and revenue. 

“SCB may continue to focus on high-growth fintech business,” said analyst Rena Kwok. “Its peer-leading digital transformation and foray into high-growth fintech space could offer medium-term earnings drivers.”

Earlier this year, Thailand’s securities regulator banned the use of cryptocurrencies as a means of payment. The rule, which came into effect April 1, also bars crypto operators from advertising the use of cryptocurrencies as a means of payment.

The post Thailand’s Oldest Bank Stalling on Acquisition of Crypto Exchange appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) íà Currencies.ru

$ 0.0054306 (-0.25%)
Îáúåì 24H $1.742k
Èçìåíåèÿ 24h: 1.41 %, 7d: -8.63 %
Cåãîäíÿ L: $0.0053635 - H: $0.0055227
Êàïèòàëèçàöèÿ $6.099m Rank 99999
Äîñòóïíî / Âñåãî 1.123b SAFEX

exchange thailand bank oldest crypto acquisition stalling

Èñòî÷íèê: beincrypto.com

exchange thailand → Ðåçóëüòàòîâ: 126


South Korean Upbit Crypto Exchange Expands Services Into Southeast Asia (Indonesia and Thailand)

Upbit Expands Its Reach to Offer Services In Southeast Asia Modern capitalism demands incremental growth. Businesses understand this, thus are always looking for avenues to add more customers. What does one do when the local base has dried up? Why expand and look at other virgin markets. This is exactly what Upbit seems to be […]

2018-11-13 01:11


Thailand Gets Ready For Its First Certified ICO Portal As Crypto Friendly Adoption Continues

Thailand Gets Ready For Its First ICO Portal The securities regulator of Thailand has affirmed that at least one Initial Coin Offering (ICO) portal will be opened in the country in November. Rapee Sucharitakul, the secretary general of Thai Securities and Exchange Commission (SEC) has affirmed that ICOs will possibly start to be regulated in […]

2018-11-10 23:21


Ôîòî:

Thailand Warns Public from Investing in 9 Unregistered ICOs

Thailand’s Securities and Exchange Commission (SEC) has forbidden the general public from investing in nine unregistered initial coin offerings (ICOs) and cryptocurrencies. The companies in question failed to duly register their business, despite the introduction of a framework to facilitate cryptocurrency investing, reported Bangkok Post on October 27, 2018.

2018-10-29 14:00


Crypto Friendly Policies Rapidly Drawing Companies to Thailand

Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied […] The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News.

2018-8-10 08:25


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Bittrex Global CEO commends Thailand’s firm regulatory approach towards crypto

In an interview with crypto.news Oliver Linch, CEO of Bittrex Global, discussed Thailand’s regulatory direction regarding the cryptocurrency sector. Thailand’s Securities and Exchange Commission (SEC) has intensified its regulatory framework to curb unlicensed crypto activities, citing fraud and money laundering…

Spot Bitcoin ETFs: Thailand SEC adjusts rules to allow product launch

The Thailand Securities and Exchange Commission (SEC) recently reviewed its rules to give asset management firms in the private sector the greenlight to launch spot Bitcoin ETFs. Leading Thailand-based daily newspaper Bangkok Post disclosed this in a report today, citing…

Thailand To Ban Crypto Staking And Lending? Here’s What We Know

Regardless of the condition of the crypto market, regulators are still leaving their mark in the industry using their respective power. On March 8, Thailand’s Securities and Exchange Commission (SEC) published an announcement targeting crypto staking and lending services issued by crypto firms.

DeFi Transactions Pose Higher Risks, Thai SEC Cautions Investors

Thailand Security and Exchange Commission (SEC) warns investors within the state about the risks that DeFi transactions pose. SEC claimed that DeFi’s ecosystem, especially lending and debit-taking firms, may not include necessary parameters in their mechanisms to ensure the prevention of rug-pull and overleveraged collateral.

Thai SEC Considers Revoking Huobi’s License

The Thai Securities and Exchange Commission (SEC) recommends the Minister of Finance to consider revoking Huobi’s operating license. The post Thai SEC Considers Revoking Huobi’s License appeared first on BeInCrypto.