BitMEX CEO, CFO’s Bid for German Bank Fails: Report

BitMEX CEO, CFO’s Bid for German Bank Fails: Report

BitMEX CEO, CFO's Bid for German Bank Fails: Report

BXM Operations’, a firm founded by crypto exchange BitMEX, bid to buy one of Germany’s oldest lenders, Bankhaus von der Heydt, has proved unsuccessful, German media reported on Thursday.

  • The deal, which was expected to complete later this year, was called off by a mutual agreement, according to reports.
  • The acquisition was subject to approval from German regulator BaFIN.
  • BXM Operations is a Swiss-based entity founded by the CEO and CFO of BitMEX. In January, BXM had signed a purchase agreement with Dietrich von Boetticher, the owner of the bank which was founded in 1754.
  • “Following further talks between BXM Operations AG and the owner of Bankhaus von der Heydt, the two parties have mutually decided not to pursue the planned takeover any further,” a spokesman for the bank told German financial website Finanz
  • The deal would have given BitMEX a banking license in Germany, where regulated entities are allowed to custody digital assets, and provided a shot in the arm for the Munich-based bank.
  • Seychelles-domiciled BitMEX was the target of a swoop by U.S. regulators in October of 2020.
  • BitMEX did not immediately respond to CoinDesk’s request for comment.

Read more: BitMEX CEO, CFO to Buy One of Germany’s Oldest Banks

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