OKX receives a fine of 2.25 million euros for operating without registration in the Netherlands

By Hannah Pérez

The fine refers to a period prior to the introduction of Mica regulations in the European Union. OKX said that it meets current regulations and that Netherlands remains an important market for exchange.

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• The National Bank of Netherlands fined the exchange of OKX cryptocurrencies.
• He claimed that the company failed to register before the authority prior to the entry into force of Mica.
• OKX said that it meets the current regulations and that Holland is an important market.
• It is not the only sanction facing OKX of an international regulator.

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The exchange of global cryptocurrencies, OKX, has received a high monetary sanction in Europe to fail in its registry.

The National Bank of the Netherlands (DNB) announced on Wednesday that it imposed an administrative sanction of 2,250,000 euros to Aux Cayes Fintech Co. Ltd., commercially known as OKXfor offering cryptocurrency services in the country without due registration.

The fine, applied in May, refers to the period between July 2023 and August 2024, when the company breached with regulations against money laundering and terrorist financing.

In accordance with the official announcement of the DNB, the Law for the Prevention of Money Laundering and Financing of Terrorism assigns to the suppliers of cryptocation a key role as guardians in the fight against illegal activities.

Breakfast prior to Mica

Since May 2020, these companies had to register before the DNB to operate in or from the Netherlands, a requirement that was maintained until December 30, 2024. From that date, with the entry into force of the Cryptactive Markets Regulations (MICA) of the European Union, a license or notification of the Financial Market Authority (AFM) or other European supervisor is required.

The DNB determined that OKX He offered cryptocurrency services without this registry, which hindered the objectives of the law cited by preventing the notification of unusual transactions to the Financial Intelligence Unit (FIU) of the Netherlands.

When calculating the fine, the regulator considered the gravity, scope, duration and responsibility of the infraction. However, he reduced the amount in recognition of the measures adopted later by OKX To cease irregularities and avoid repetition, as facilitating the transfer of their Dutch clients to a duly registered group entity.

OKX faces other sanctions

“This fine refers to an inherited registration issue that has been remedied long ago, without impact on customers”, Declared an OKX representative, ensuring that it is“the lowest fine issued by the DNB against an important exchange. ”

The spokesman emphasized that the company “It is pleased to have resolved this matter “ and “It maintains that OKX did not actively signal to Dutch clients during the period in question ”. In addition, he clarified that the sanction “Does not apply or concern our graduated entity under Micar, Okcoin Europe”, And that the Netherlands remain a key market for the firm.

This is not the only recent sanction against OKX. In April, the Maltese authorities imposed a fine of 1.1 million euros for serious and systematic failures in compliance with money laundering for 2023.

In addition, in August, the Securities and Bag of Philippines issued a warning against OKX and nine other platforms to offer cryptocurrency services without the required authorization, despite promoting themselves among Filipino users.

DNB has applied fines similar to others Exchange In the past, like Crypto.com for 2.85 million euros, Binance –who abandoned the Dutch market after a sanction in 2022–, Coinbase and Kraken. These cases underline the emphasis of Dutch regulators in cryptocurrency supervision to mitigate risks of transactions anonymity.

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Article written with the help of AI, edited by Diariobitcoin

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