Siam Commercial Bank Scraps $500M Purchase of Stake in Thailand’s Largest Crypto Exchange

Thailand’s oldest bank said Bitkub Online needs to resolve various issues at the request of Thailand’s Securities and Exchange Commission.

AccessTimeIconAug 25, 2022 at 9:36 a.m. UTC
Updated May 11, 2023 at 5:35 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Siam Commercial Bank (SCB), Thailand’s oldest lender, abandoned a plan to buy a majority of Bitkub Online, the country’s largest crypto exchange, citing unresolved regulatory issues in a statement on Thursday.

SCB had agreed to acquire 51% of the exchange for 17.85 billion baht (US$500 million) in November. The transaction was expected to be completed by the first quarter of 2022.

“Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, Thailand, which are uncertain in terms of timeframe in resolving those issues. As a result, the Buyer and the Seller have agreed to terminate the Transaction,” Siam Commercial said.

In May the exchange was hit with fines from the Thai SEC for not complying with digital asset listing rules when adding KUB coin, the platform's native token. The SEC also told Bitkub to improve its platform after it experienced trading outages in January last year.

A due diligence investigation of Bitkub didn’t highlight any major problems, Siam Commercial said. The bank also reiterated its intention to enter into the blockchain and digital asset arena.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.