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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."

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