BitMEX Exchange Failed To Acquire Bankhaus von der Heydt

The BitMEX exchange failed to acquire Bankhaus von der Heydt, the Munich-based bank after both parties backed off so let’s see what exactly happened in today’s latest cryptocurrency news.

BXM Operations’ which is a subsidiary founded by the BitMEX CEO Alexander Hoptner and Stephan Lutz, failed to acquire the Bankhaus von der Heydt Munich private bank. Both parties agreed to cancel the deal. The acquisition was greenlighted by the German regulator BaFIN back in January when BXM Operations signed a purchase agreement with the bank’s current owner Dietrich von Boetticher. The spokesperson from the exchange said that the two parties mutually and amicably decided to “discontinue the proposed acquisition.”

Both parties declined to provide more details or reasons for the failed acquisition. Back in January, BXM Operation announced the plans to acquire one of the oldest banks in Germany, and the deal was supposed to give BitMEX a banking license in Germany and start providing financial services related to digital assets. However, the BitMEX exchange failed to acquire the bank. The bank was founded in 1754 and recorded operational losses year after year. During the financial years from 2014 to 2019, the result from normal business activities was quite negative.

Bankhaus von der Heydt partnered with Fireblocks to start offering crypto services for clients. The exchange was under heavy pressure from the US regulators which charged the exchange with offering US customers tradign services in violating federal law. BitMEX reached a $100 million resolution with CFTC and settle the fight a  year ago.

As recently reported, Formerly known as a BTC-only derivatives exchange, BitMEX abandoned its plans and added support for new assets with the latest one being Ethereum. The announcement from March 21 informed the users that it will be able to deposit and buy, withdraw and convert eTH. This came as an addition to the available cryptocurrencies BTC and Tether.

The customers have the option to choose from 36 fiat currencies when buying a digital asset on BitMEX and some of those include USD, EUR, GBP, BRL, CAD, CHF, and more.
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The exchange even promised that users will be able to convert ethereum and USDT to the second biggest crypto without paying hidden fees.