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Cryptocurrency exchange BitMEX fails to acquire a German bank

Cryptocurrency exchange BitMEX fails to acquire a German bank

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Answer Cryptocurrency exchange BitMEX fails to acquire a German bank

BXM Operations, a subsidiary founded by Alexander Hauptner, CEO of BitMEX and Chief Financial Officer Stefan Lutz, failed to acquire Munich’s private bank Bankhaus von der Heydt.

And German media reported last Thursday that the two parties had agreed to cancel the planned agreement amicably.

The acquisition was given the green light by German regulator BaFIN in January when BXM Operations signed a purchase agreement with Dietrich von Boetice, the current owner of the Munich Private Bank.

A BitMEX spokesperson told German media that the two parties had mutually and amicably decided to halt the proposed acquisition.

As of April 1, both parties refused to provide details or reasons for the failed acquisition.

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Last January, BXM Operation had already announced a plan to acquire one of Germany’s oldest banks.

The deal would have given BitMEX a banking license in Germany, which is necessary to provide financial services related to digital assets.

Bankhaus von der Heydt, founded in 1754, has reported operating losses year after year.

In the fiscal years from 2014 to 2019, according to the report, the result of normal business activities was significantly negative.

In October, Bankhaus von der Heydt partnered with Fireblocks to provide crypto services to its customers.

Seychelles-based BitMEX has come under pressure due to its contact with US regulators, which have imposed fees and fines on the platform for providing cryptocurrency trading services to US clients in violation of federal law.

BitMEX finally reached a $100 million settlement with the Commodity Futures Trading Commission to settle the legal battle last August.

But it seems that the consequences of this are still present, which is believed to be the reason behind the failure of the latest acquisition.

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