OKX Faces $2.6M Penalty from Dutch National Bank for Non-Compliance
OKX has been fined by the Dutch financial regulatory body for providing cryptocurrency services without proper registration, marking a significant enforcement in the sector.
Global cryptocurrency trading platform OKX has received a fine of 2.25 million euros (equivalent to $2.6 million) from the Dutch National Bank (DNB) for conducting crypto services in the Netherlands without appropriate registration.
The fine pertains to the period between July 2023 and August 2024, preceding the establishment of the European Union’s Markets in Crypto Assets regime (MiCA).
Key Points:
- The fine reflects non-compliance with regulations that have been in place since early 2020 aimed at combating money laundering.
- The DNB has taken action against multiple crypto exchanges for similar non-compliance, with other firms like Crypto.com and Kraken facing significant penalties as well.
Remarks from OKX:
An OKX representative stated, “This fine relates to a legacy registration matter that has long since been remediated, with no impact on customers. The fine is the lowest fine issued by DNB against a major exchange and was reduced in recognition of the steps we took, including migrating Dutch users to our fully MiCAR-licensed European entity. We’re pleased to have resolved this matter and remain focused on building compliant, secure services across Europe and beyond.”
