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Thailand’s Oldest Lender Delays Bitkub Exchange Acquisition Amid Tighter Crypto Rules – Exchanges Bitcoin News

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Siam Commercial Bank postpones acquisition of Thai crypto exchange Bitkub.

SCB Postpones Acquisition of Thai Crypto Exchange Bitkub

“We have made it clear in our statement to the Stock Exchange of Thailand 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.

The delay followed an announcement by the Bank of Thailand and the Securities and Exchange Commission of tougher regulations for cryptocurrencies in February. The new rules limited their use in payments and aimed to ensure they can be traded only on platforms licensed in the country. Meanwhile, the crypto market slump also dimmed hopes that Bitkub could expand its customer base.

Let me put it this way, I think the tight regulations are quite unfriendly to crypto trade and limit the growth of crypto trading to less than we expected.

 

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