Strict Thai crypto regulation causes SCB to delay Bitkub acquisition
SCB X notified the Stock Exchange of Thailand that the Bitkub acquisition is “still undergoing due diligence.” Thailand’s oldest bank is unable to acquire the country’s largest local cryptocurrency exchange due to stringent crypto regulations.As reported by Cointelegraph in November 2021, SCB X Group, a subsidiary of Siam Commercial Bank (SCB), was set to acquire a 51% stake in Bitkub by the second quarter of 2022 as part of a plan to become a regional fintech. Now things seem to have taken a twist, as the bank has indefinitely postponed its plans to acquire the popular exchange.As crypto....
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The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.
SCB Postpones Acquisition of Thai Crypto Exchange Bitkub
The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal....
Cryptocurrency-related adverts in Thailand will have to meet strict rules as the Securities and Exchange Commission looks to emulate foreign standards. Thailand’s Securities and Exchange Commission (SEC) will implement stringent advertising rules for cryptocurrency firms operating in the country by October 2022.The Thai SEC informed cryptocurrency-related businesses operating in the country via email that adverts concerning digital currencies must have clear investment warnings to consumers on Sep. 1. The statement was later posted on the SEC website.The Securities regulator has instituted....
The financial regulator ordered the Bitkub exchange to close and fix issues that caused several outages as prices spiked this month.
“The act of Mr. Wajanasathian is an offense of buying KUB coins by being a person who knows or possesses inside information,” said Thailand's financial regulator. Thailand’s Securities and Exchange Commission, or SEC, announced enforcement actions against the chief technology officer of crypto exchange Bitkub, who allegedly used insider information around the purchase of Bitkub Coin (KUB).In a Tuesday announcement, the Thai SEC said it had fined Bitkub chief technology officer Samret Wajanasathian 8,530,383 baht — roughly $234,000 at the time of publication — and intended to bar him from....
2022 has proven to be a regulatory disaster for Thailand’s largest crypto exchange as it has faced multiple enforcement actions and fines worth hundreds of thousands of dollars. Thailand’s largest crypto exchange Bitkub has come under regulatory scrutiny from the country’s Securities and Exchange Commission (SEC) over falsifying and creating artificial trading volume on its platform.Thai SEC ordered legal action against the crypto exchange and two individuals alleging the crypto platform was involved in wash trading, a process where investors buy and sell the same assets at the same time....