Crypto Firm BitMEX, to Acquire 268 Years Old German Bank

As part of the crypto firm’s ambitious aim to spread itself across Europe, BitMEX has announced acquisition plans of one of Germany’s oldest banks.

Recently, BXM Operations AG, a BitMEX subsidiary, has signed a purchase contract with Dietrich von Boetticher, the current owner of Bankhaus von der Heydt. The contract is subject to the German financial regulator, BaFin’s approval.

Bankhaus von der Heydt, a Munich based financial institution was founded in 1754. Since its foundation the bank has gone through various transitions. Berlin Commerz-und Privatbank took it over in 1932 and later it was merged with the regional branch of Commerzbank, in 1970. Eventually, in 2005, the bank was acquired by the current owner. Bank’s total assets are said to be worth over 29 million EUR.

For BitMEX, the acquisition of Germany’s 268 years old financial institution could be a landmark development, given it is approved by BaFin. Though, it is rather obvious that the approval might not come easy, considering a couple of recent events that have occurred in the country’s financial sector. Last year the court had declared Germany’s Greensill Bank insolvent. Moreover, Wirecard, a payment firm, has also filed for insolvency after $2 billion went missing from the firm’s balance sheet.

In October last year the Bankhaus von der Heydt had partnered with Fireblocks to offer crypto-related products to its customers. Acquisition of the stated bank is part of BitMEX’s master plan to launch regulated crypto products in Switzerland, Austria and Germany, through similar planned acquisitions.

Lately, the BitMEX group is going through some tough times. In 2020 it was struck with a lawsuit for operating an unregistered trading platform, by US Commodity Futures Trading Commission (CFTC). As a consequence not only that the group was penalized with $100 million, rather, the lawsuit cost the group its market share too.