According to German media reports on March 31, BXM Operations has failed in its bid to acquire Bankhaus von der Heydt. BXM Operations was founded by the senior executives of the crypto exchange BitMEX.
The acquisition, which was supposed to be completed later this year, was put off by mutual agreement. BaFIN, Germany’s financial authority, had to approve the deal.
BXM Operations is a Swiss-based company created by BitMEX’s CEO and Chief Financial Officer. BXM signed a purchase deal in January with Dietrich von Boetticher, the owner of the 1754-founded bank.
Following further discussions between BXM Operations AG and the owner of Bankhaus von der Heydt, the two parties have mutually agreed not to pursue the proposed acquisition any further, according to a spokesman for the bank who spoke to the German financial website Finanz Szene.de.
The deal would have provided BitMEX with a banking licence in Germany, where regulated firms are permitted to hold digital assets, as well as a lift for the Munich-based bank.
The US Commodity Futures Trading Commission (CFTC) and federal prosecutors accused Seychelles-based BitMEX in October 2020 of offering crypto trading services to US customers in violation of federal law. BitMEX did not respond immediately to CoinDesk’s request for comment.
