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

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.

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

UPDATE (Mar. 31, 13:48 UTC): Adds detail about BXM in the headline.