BXM Operations', a firm founded by the top executives of crypto exchange BitMEX, bid to buy one of Germany's oldest lenders, Bankhaus von der Heydt, has proved unsuccessful, German media reported on Thursday.

The deal, which was expected to complete later this year, was called off by a mutual agreement, according to reports.The acquisition was subject to approval from German regulator BaFIN.BXM Operations is a Swiss-based entity founded by the CEO and chief financial officer of BitMEX. In January, BXM had signed a purchase agreement with Dietrich von Boetticher, the owner of the bank that was founded in 1754.“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.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.In October 2020, Seychelles-domiciled BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) and federal prosecutors with offering U.S. customers crypto trading services in violation of federal law.BitMEX did not immediately respond to CoinDesk's request for comment.

Read more: BitMEX CEO, CFO to Buy One of Germany's Oldest Banks

UPDATE (Mar. 31, 13:48 UTC): Adds detail about BXM in the headline.