The purchase agreement is part of BitMEX’s strategy to expand its presence in Europe and regain market an area or arena, online or offline, in which commercial dealings are conducted. share after the CFTC lawsuit.
The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. derivatives, BitMEX is looking to become a regulated financial powerhouse with the acquisition of a German bank with more than 250 years of history.
BMX Operations a subsidiary of BitMEX Group founded by CEO Alexander Höptner and its CFO Stephan Lutz, announced Tuesday plans to buy the bank Bankhaus von der Heydt based in Germany . According to reports, the company signed a purchase agreement with the current owner of the bank. Dietrich von Boetticher.
Founded in 1754, Bankhaus von der Heydt is one of Germany’s oldest financial institutions. More recently, it has become one of the first regulated institutions in the country to venture into digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset services. In October, the bank partnered with Fireblocks to offer cryptocurrency servicing and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services to its customers.
BitMEX signs agreement to buy German bank
The plan of BitMEX to buy the banking institution is part of the exchange’s larger strategy to offer regulated cryptocurrency products in Germany, Austria and Switzerland. Höptner said in this regard that the company aims to create “ a regulated regulation is when something is controlled by a specific set of rules. crypto products powerhouse in the heart of Europe “if the deal goes through.
El acquisition agreement is subject to the approval of BaFin Germany’s main regulator for banking and financial services; although BitMEX Group told the news media that he expects the transaction to be completed by the middle of this year.
While the terms of the deal were not disclosed, the crypto company noted that once the regulator approves it, Bankhaus von der Heydt will continue to operate as an independent business unit. Höptner and Lutz will join the bank’s supervisory board.
BitMEX Group has led several efforts to increase its presence in Europe. The latest news about the expansion plans of BitMEX come shortly after the company launched a cryptocurrency brokerage service in Switzerland called BitMEX Link . The division is owned by BMX Link AG another of the group’s companies.
Expansion plans in Europe
As noted byThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.the company’s latest moves could also represent part of the company’s strategy of BitMEX to regain market share after its business was hit by a U.S. Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC) lawsuit in 2020.
In October of that year, the CFTC filed charges against the company and its founders. Arthur Hayes, Ben Delo and Samuel Reed for operating an unregistered trading platform. BitMEX settled the charges last year after pay a fine of USD $100 million although the regulatory agency’s litigation against the founders continues.
Höptner joined the company in late 2020 and has since led several initiatives to once again drive the platform’s growth. Among them, BitMEX is preparing to issue its own token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. , BMEX The company has also hired new executives to expand some of its crypto products. The company has also hired new executives to expand some of its crypto products.
The exchange now hopes to embark on a major expansion across Europe with the acquisition of the German bank, a move that could face regulatory hurdles, it said.The BlockThe company has been hit by the recent fintech scandals in Germany. Among them the firms Wirecard y Greensill Bank . The former filed for bankruptcy after reports revealed that more than $2 billion was missing from its balance sheet while the latter was declared insolvent by a German court last year.
- BitMEX appoints new board following government accusations
- German law allows 4,000 institutional funds to invest investing is when you put money in a financial scheme with the intent of making a gain. in Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and other cryptocurrencies from today
- Coinbase is an American company that operates a cryptocurrency exchange platform. receives license to operate as a cryptocurrency custodian a custodian is responsible for safely holding assets for an institution or individual for a variety of purposes. in Germany
Article versioned by Hannah Estefania Perez / DiarioBitcoin
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