BXM Operations’, a subsidiary founded by BitMEX CEO Alexander Höptner and its CFO Stephan Lutz, failed to acquire the Munich private bank, Bankhaus von der Heydt.
German media reported that both sides agreed to cancel the agreement.
The acquisition was greenlighted by German regulator BaFIN back in January when BXM Operations signed a purchase agreement with Dietrich von Boetticher, the bank’s current owner.
A BitMEX spokesperson told the German media that “the two parties have mutually and amicably decided to discontinue the proposed acquisition.”
Both sides declined to discuss the reasons for the failed acquisition after April 1st.
BXM Operation had already announced in January that it would acquire one of Germany’s oldest banks. BitMEX would have received a Germany banking license. This is vital for financial services that are related to digital assets.
Bankhaus von der Heydt was founded in 1754 and has suffered operational losses every year since. In the financial years from 2014 to 2019, according to the report, “the result from normal business activities was significantly negative.”
Bankhaus von der Heydt joined forces with Fireblocks in October to provide crypto services for its clients.
BitMEX, located in Seychelles, was subject to pressure from U.S. regulators for its frictions with them. The exchange was accused of offering U.S. customers cryptocurrency trading services in violation federal law.
BitMEX finally reached a $100million settlement with the CFTC in August to end the fight.