ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Cryptocurrencies

Thailand's SCB delays deal with Bitkub amid tighter crypto rules

Postponement raises concern about growth curbs on nation's digital money trade

Topp Jirayut Srupsrisopa, the young chief executive of Bitkub Capital Group Holdings, is the company's public face and well known in Thailand. (Source photos by AFP/Jiji) 

BANGKOK -- SCB X, the parent company of Siam Commercial Bank, Thailand's oldest lender, told Nikkei Asia that it has indefinitely delayed a 17.85-billion-baht ($487 million) bid to acquire a 51% stake in Bitkub, the kingdom's largest local cryptocurrency exchange platform, as regulation continues to inhibit growth of crypto trading.

"We have made it clear in our statement to the Stock Exchange of Thailand that the deal is still undergoing due diligence," said a senior official at the SCB X, who asked not to be named. "We don't know when the deal will be sealed."

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more