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SCB calls off plan to acquire Thai crypto exchange Bitkub

$500m deal soured by regulatory woes and market's crash

The two companies had aimed to finalize their deal by January, but silence from both sides in recent months led to speculation that SCB was using Bitkub’s regulatory woes to lower the acquisition price.

BANGKOK -- Thailand's oldest banking group will not proceed with a deal to acquire Bitkub Online, the country's leading cryptocurrency exchange, both companies announced on Thursday. 

SCB X, parent company of the kingdom's fourth-largest bank, Siam Commercial Bank, would have acquired 51% of Bitkub shares at a price of 17.8 billion baht ($496 million). The deal pegged Bitkub's valuation at 35 billion baht ($1 billion), making it Thailand's second unicorn. 

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