OKX Fined $2.6 Million by Dutch Regulator for Operating Without License

OKX, a globally popular crypto exchange, has been fined €2.25 million ($2.6 million) by the Dutch National Bank (DNB). The exchange was penalized by the DNB for failing to register before providing its services in the Netherlands. The fine was announced in a press release by the Dutch National Bank. It covers the period from July 2023 to August 2024. It predates the implementation of the European Union’s new Markets in Crypto Assets (MiCA) framework, which is set to unify crypto regulations across the bloc.

Under Dutch law, crypto firms have been required since 2020 to register with the DNB to comply with the country’s anti-money laundering (Wwft) standards. The regulator has previously sanctioned several major platforms for similar violations, including Crypto.com, which was fined €2.85 million, and Kraken, which paid a fine of €4 million.

OKX, officially registered as Aux Cayes Fintech Co., said the case stemmed from a “legacy registration matter” that has since been resolved. A company spokesperson noted that the fine was the lowest imposed on a major exchange by the Dutch regulator and had been reduced due to the firm’s remediation steps. These included migrating Dutch users to its fully MiCA-licensed European entity.

Important Reads: ESMA Warns European Crypto Firms Against Misusing MiCA Status in Marketing

“This fine relates to a legacy registration matter that has long since been remediated, with no impact on customers. We’re pleased to have resolved this matter and remain focused on building compliant, secure services across Europe and beyond,” the spokesperson said.

The ruling underscores regulators’ growing scrutiny of crypto exchanges operating without authorization. With MiCA’s rules coming into force, oversight of digital asset firms in the EU is expected to become more consistent, ensuring stricter compliance while aiming to safeguard investors and the financial system.