The oldest Thai banking institution Siam Commercial Bank (SCB) has announced the purchase of a majority stake in the Bangkok-based bitcoin exchange Bitkub. The deal, of 17.85 billion (about 399 crore rupees) is set to be completed in the first quarter of 2022. The SCB-Bitcube merger is thought to be among the largest mergers and acquisitions of cryptocurrency globally.
Bitkub is authorized from the Thai Securities and Exchange Commission (SEC) and was launched in the year the year 2018, is one of the few cryptocurrency exchanges licensed by the SEC that operate in Thailand. It has reported a trade amount of more than $30 billion (approximately $223,772 crore) from January through September 2021. This makes it the biggest crypto exchange out in the market, with an estimated market share of more than 90.
In the same way, SCB has been operational for over 114 years , and isn’t new to the cryptocurrency world as well. It has a venture capital division called SCB 10X which invests in blockchain-based as well as decentralized financial startups (DeFi). SCB10X invests in crypto-related companies like Ripple, BlockFi and Alpha Finance. In April of 2020, SCB began using Ripple’s payments network known as RippleNet to facilitate cross-border transactions using the digital money transfer services like Aizmo.
of Thailand of Thailand of the Thai crypto market is not without regulatory concerns. The same year there was a ban on crypto exchanges by it was revealed that the Thai Securities and Exchange Commission (SEC) prohibited cryptocurrency exchanges during the month of June. dodgecoin and Shiba Inu For instance, allowing trading of mime coins was also banned.
This year, Bitcube also clashed with the SEC. Bitcube was ordered to suspend its work temporarily to solve the issues that were caused by the outage. The SEC granted Bitcube the time to resolve the issues that led to an increased trading volume following the three interruptions in Jan. In one of the three occasions the platform was reported to be down for 16 hours , before trading reopened.
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