Media: BitMEX abandons takeover of Bankhaus von der Heydt

Associated with the cryptocurrency derivatives exchange BitMEX, BXM Operations AG and the German Bank Bankhaus von der Heydt (BVDH) agreed to cancel the takeover. As reported by Finanz-szene.

The purchase agreement signed in January 2022. It was expected to be completed after BaFin approved it in mid-year.

“Both sides have decided not to proceed with the planned takeover.”, a source told the publication.

The reason for the cancellation was not disclosed.

Sources did not rule out that the regulator signaled informally that it was unhappy with the Seychelles-registered cryptoderivatives exchange behind BXM Operations AG, though there was no official rejection of the deal. BaFin declined to comment on these suppositions.

Earlier, BitMEX co-founder Samuel Reed pleaded guilty to violating the U.S. Bank Secrecy Act. Before him, in this admitted other founders of the cryptocurrency derivatives exchange Arthur Hayes and Benjamin Delo. A meeting with Greg Dwyer, head of business development of the platform, will take place in October 2022.

CFTC filed a lawsuit against BitMEX and its owners. The regulator accused them of operating an unregistered trading platform and violating KYC/AML rules. Subsequently, BitMEX agreed to pay a $100 million fine.

Additionally, the Department of Justice charged Arthur Hayes, Ben Delo, Samuel Reed and Greg Dwyer with violations of the U.S. Bank Secrecy Act.

In December 2020, Alexander Heptner—the former head of the Stuttgart Stock Exchange—became head of 100x Group, the operator of BitMEX.

In April 2021, a top executive announced a platform rebranding aimed at becoming one of the world’s largest regulated cryptocurrency derivatives exchanges.

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