BitMEX Group Eyes 268-Year-Old German Bank, Signs Purchase Agreement -Breaking
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BitMEX Group Signs Purchase Agreement with 268-Year Old German Bank- BitMEX signed a contract to purchase the bank 268 years old Bankhaus von der Heydt in order to buy it.
- BaFin, Germany’s financial regulator is required to approve the agreement.
- To provide cryptocurrency services for its customers, the bank formed a partnership with Fireblocks on October 20, 2121.
BitMEX Group, crypto trading platform, indicated its interest to acquire the Germany-based bank Bankhaus von der Heydt (268 years old), by signing an agreement that is subject to BaFin approval.
BMX Operations AG of the group founded by BitMEX CEO Alexander Höptner and its CFO Stephan Lutz signed the contract with the current owner of Bankhaus von der Heydt bank.
Bankhaus von der Heydt, founded 1754, has been providing crypto services for its clients since the collaboration with Fireblocks.
Although BitMex Group expects to complete the transaction in midyear, BaFin’s approval for the agreement may not be easy to get as fintech scandals had recently hit banks like Greensill and Wirecard in Germany.
Greensill Bank insolvency was declared by a German local court. German Payments confirmed Wirecard’s bankruptcy, as its balance sheet showed $2 billion missing.
BitMex Group did not unfold the terms and conditions of the agreement, but it informed that once the BanFin nodes yes, Bankhaus von der Heydt will proceed to operate as an autonomous business unit with Höptner and Lutz among the supervisory board.
Höptner notes that if the deal goes ahead, BitMex Group intends to design “a regulated crypto product powerhouse in the heart of Europe.” The group looks forward to initiating regulated crypto products in Germany, Switzerland, and Austria.
Additionally, the group intends to make its roots in Europe. In Switzerland, BitMEX Link was launched by the group at the beginning of 2018. BXM Link AG is the parent company of this service.
BitMEX was sued by the US Commodity Futures Trading Commission in October 2020. This lawsuit was made to regain its market share.
BitMEX, its founders Samuel Reed, Arthur Hayes and Ben Delo were accused of operating an unregistered trading portal. The CFTC assessed the penalty at $100 million and the group agreed to settle the matter. But the commission’s lawsuit against the founders still continues.
From Börse Stuttgart GmbH and Euwax AG, Höptner joined BitMEX in December 2020 and has employed several steps to retrieve the market share of the exchange.
In the previous month, BitMEX announced the issue of BMEX (the group’s native token), to bestow trading incentives to users. The group hired several C-level executives earlier this month to be in spots, custody and brokerage.
Rupertus Rothenhaeuser, a Crypto Finance AG Chief Commercial Officer, was also appointed by the company. Raphael Polansky, a Blocknox Chief Operating Officer, was hired as well.
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