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Appears in Newsflare picks
01:50
Thai bank scraps deal to buy Bitcoin exchange as cryptocurrencies loses appeal
Footage shows the Siam Commercial Bank (SCB) as it emerged that the company was scrapping its deal to buy Thailand's biggest cryptocurrency exchange.
SCB had planned a 17.8 billion baht (490m USD) purchase of a controlling stake in the cryptocurrency platform but pulled out amid claims it needs to 'fix regulatory issues'.
'Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, which are uncertain in terms of time frame in resolving those issues,' the bank's holding company SCB X Plc told the Stock Exchange of Thailand on Thursday.
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