Okx has been fined €2.25 million by the Dutch National Bank for providing services in the country without mandatory registration.
Reasons for the Fine
OKX has been fined for operations occurring between July 2023 and August 2024 when it offered its services in the Netherlands without registering with local financial regulators. This violation relates to requirements that the Dutch government mandated in 2020 to connect the digital asset market with anti-money laundering regulations.
Background and Responses
An OKX spokesperson indicated that the fine relates to a legacy registration issue that has been remedied, and there was no impact on customers. The exchange stated that this fine is the lowest ever imposed by the DNB against a major trading platform and that the penalty was reduced due to corrective measures taken, including migrating Dutch users.
Fines and Sanctions in the Crypto Industry
OKX is not the only exchange facing such sanctions for similar violations. Crypto.com was fined €2.85 million, and Kraken received a €4 million penalty. Since the beginning of this year, OKX has also faced other penalties, including a $504 million fine in the United States for compliance violations and €1.1 million by Malta's Financial Intelligence Analysis Unit.
The situation emphasizes the need for companies in the crypto industry to strictly adhere to regulatory requirements to avoid fines and reputational damage. As developments with OKX unfold, experts stress the importance of transparency and compliance in the digital asset space.
