BitMEX announces acquisition of one of Europe’s oldest banks

The BXM Operations AG, linked to the BitMEX crypto-derivatives exchange, announced plans to acquire Bankhaus von der Heydt (BVDH), a German bank in operation since 1754.

We’re one step closer to creating a regulated crypto powerhouse in the heart of Europe with this purchase agreement by BXM Operations of German Bank Bankhaus von der Heydt 🙌: https://t.co/VCioQ81zwD

— BitMEX (@BitMEX) January 18, 2022

BitMEX Group is pursuing an ambitious goal — to create a single hub of regulated crypto products in Germany, Austria and Switzerland and, thus, to become a strong player in Europe — in addition to our global ambitions, the press release says.

The parties signed a purchase agreement, to be completed after approval by BaFin. The deal is expected to close in mid-2022.

Financial terms were not disclosed. The bank will continue to operate as a separate unit.

According to the statement, this decision followed the launch of BitMEX Link, based in Switzerland. The company described the acquisition of BVDH as the next step on the road to European expansion.

According to open data, BXM Operations AG was registered in November 2021 as a business-consulting services provider. The board includes BitMEX CEO Alexander Heptner and the exchange’s chief financial officer Stefan Lutz.

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

Earlier the CFTC filed a lawsuit against BitMEX and its owners. The regulator accused them of operating an unregistered trading platform and violations of KYC/AML procedures.

Additionally, the Department of Justice brought charges for violating the Bank Secrecy Act against BitMEX co-founders Arthur Hayes, Ben Delo and Samuel Reed, as well as the exchange’s head of business development Greg Dwyer.

Reed was released on bail of $5 million. The case was voluntarily surrendered in March 2021, and Hayes did so in April. In their case the bail amounts were $20 million and $10 million respectively.

Hayes, Delo and Reed will stand trial in March 2022. The hearing with Dwyer was moved to October due to insufficient time to prepare for the proceedings.

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