BitMEX CEO, CFO's Bid for German Bank Fails: Report
The deal, which was expected to complete later this year, was called off by a mutual agreement, according to reports.
Mar 31, 2022 at 1:43 p.m. UTCUpdated May 11, 2023 at 5:59 p.m. UTC
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BXM Operations', a firm founded by the top executives of 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 chief financial officer of BitMEX. In January, BXM had signed a purchase agreement with Dietrich von Boetticher, the owner of the bank that 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 Szene.de.
- 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.
- In October 2020, Seychelles-domiciled BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) and federal prosecutors with offering U.S. customers crypto trading services in violation of federal law.
- BitMEX did not immediately respond to CoinDesk's request for comment.
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UPDATE (Mar. 31, 13:48 UTC): Adds detail about BXM in the headline.
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Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.