BitMEX’s Planned Acquisition Of Bankhaus On Der Heydt Falls Through

The planned acquisition of Bankhaus von der Heydt by cryptocurrency exchange BitMEX has fallen through.

The agreement, which would have seen the crypto business acquire a 268-year-old private bank based in Germany, was announced in January – but it was contingent on BaFin’s approval.

“After further discussions between BXM Operations AG and the owner of Bankhaus von der Heydt, the two parties have mutually and amicably decided to discontinue the proposed acquisition. We look forward to sharing details of our future plans in due course”.

German media first reported on Thursday that the two parties had mutually agreed to call off the acquisition. The reports did not state a reason for the cancellation.

In 1754, Bankhaus von der Heydt was established. It teamed with Fireblocks in October to provide crypto services to its customers.

It was hoped that the acquisition would help BitMEX establish itself as one of the top ten crypto exchanges in terms of volume

After a number of recent fintech scandals in Germany, notably those involving Wirecard and Greensill Bank, BaFin clearance was not thought to be easy.

BitMEX Group stated at the time of the announcement that the transaction will close in the middle of this year.

According to the Department of Justice, the exchange’s co-founder recently pleaded guilty to breaching the US Bank Secrecy Act. Arthur Hayes and Ben Delo, two of his co-founders, pleaded guilty in February.

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