BXM Operations’, a firm founded by crypto exchange BitMEX, bid to buy one of Germany’s oldest lenders, Bankhaus von der Heydt, has proved unsuccessful, German media reported on Thursday.
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The deal, which was expected to complete later this year, was called off by a mutual agreement, according to reports.
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The acquisition was subject to approval from German regulator BaFIN.
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BXM Operations is a Swiss-based entity founded by the CEO and CFO of BitMEX. In January, BXM had signed a purchase agreement with Dietrich von Boetticher, the owner of the bank which was founded in 1754.
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“Following further talks between BXM Operations AG and the owner of Bankhaus von der Heydt, the two parties have mutually decided not to pursue the planned takeover any further,” a spokesman for the bank told German financial website Finanz Szene.de.
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The deal would have given BitMEX a banking license in Germany, where regulated entities are allowed to custody digital assets, and provided a shot in the arm for the Munich-based bank.
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Seychelles-domiciled BitMEX was the target of a swoop by U.S. regulators in October of 2020.
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BitMEX did not immediately respond to CoinDesk’s request for comment.
Read more: BitMEX CEO, CFO to Buy One of Germany’s Oldest Banks
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