The SCB Securities (SCBS) Board of Directors passed a resolution today (Thursday) to terminate the purchase of a 51% stake in Bitkub, Thailand’s largest cryptocurrency exchange, worth over 17.8 billion baht, citing various unresolved issues, which were recommended or ordered to be addressed by Thailand’s Securities and Exchange Commission (SEC).
CEO of parent company SCBX, Arthid Nanthawithaya, informed the Stock Exchange of Thailand (SET) that, in the board meeting on November 2nd, 2021, the purchase by SCBS of a 51% stake in Bitkub Online, from Bitkub Capital Group Holdings, was approved.
Due diligence has been conducted over the past several months and, although the results revealed no major issues, Bitkub is still in the process of resolving various issues, in response to multiple recommendations and orders from the SEC.
The termination of the deal results from the timeframe to resolve those issues being uncertain.
Source: Thai Public Broadcasting Service