Thai Lender SCBX Scraps $500 Million Acquisition of Crypto Exchange Bitkub

Thailand's oldest lender, SCBX, said on Thursday it was pulling out of a $500 million deal to buy crypto exchange Bitkub, saying the start-up needed time to fix regulatory issues. From a report: "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," SCBX said in a statement. "As a result, the buyer and the seller have agreed to terminate the transaction," it said. SCBX said it had been conducting due diligence on the company and did not find any abnormal issues. The announcement comes after the Thai Securities and Exchange Commission last month ordered the crypto platform to review the listing process of KUB coin on its exchange.

In other words, we found an excuse to back out....

[Fallen Kell]

Seems more likely that they were simply looking for an excuse to back out of the deal with the crypto market crashing, and the cascade effect that the bankruptcy and liquidation of 3 Arrows Capital is having across that sector (as other firms discover the exposure.