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Bitmex Moving Forward To Acquire German Bank Operating Since 1754

thecryptobasic.com 18 January 2022 10:07, UTC
Reading time: ~2 m

Bitmex is looking to extend its European expansion and product development.

BXM Operations AG, associated with the BitMEX crypto derivatives exchange, has announced plans to acquire the German bank Bankhaus von der Heydt (BVDH), which has been operating since 1754.

Bitmex writes on their official blog:

“BitMEX Group is pursuing the ambitious goal of establishing a one-stop-shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe – in addition to our global ambitions.”

The parties have signed a purchase agreement, which will be completed after the approval of BaFin, the German financial services regulatory authority. The deal is expected to close in mid-2022.

Financial details were not disclosed. According to the statement, this step was preceded by the launch of BitMEX Link in Europe, an innovative brokerage service based in Switzerland that facilitates trading in digital assets. The acquisition of Bankhaus von der Heydt is the next step in the Group’s European expansion.

BXM CEO said:

“Through combining the regulated digital assets expertise of Bankhaus von der Heydt with the crypto innovation and scale of BitMEX, I believe we can create a regulated crypto products powerhouse in the heart of Europe.”

According to open data, BXM Operations was registered in November 2021 as a business consulting service provider. The board of directors includes BitMEX CEO Alexander Heptner and exchange CFO Stefan Lutz.

Earlier, BitMEX announced the release of its own BMEX token and announced an airdrop. Prior to this, the company settled a civil dispute with the US Commodity Futures Trading Commission (CFTC) and FinCEN, agreeing to pay a $100 million fine.

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