OKX Penalized for Non-Compliance
Crypto exchange OKX, officially registered as Aux Cayes Fintech Co., has been fined €2.25 million (about $2.6 million) by the Dutch central bank (De Nederlandsche Bank, or DNB). The regulator found that OKX offered cryptocurrency services in the Netherlands between July 2023 and August 2024 without securing the required registration. This breach happened before the rollout of the EU’s Markets in Crypto-Assets (MiCA) framework.
Regulatory Crackdown in the Netherlands
Since early 2020, Dutch law has required all crypto firms to register with the DNB under anti-money laundering rules. OKX failed to comply for over a year, leading to the penalty. The DNB stressed that operating in the country without approval is unacceptable.
This fine follows a growing pattern of enforcement in the Netherlands.
- Crypto.com received a €2.85 million fine.
- Kraken was hit with a €4 million fine.
With MiCA now active across the European Union, regulators are tightening oversight. Authorities are reviewing past activities more closely and requiring strict compliance with licensing and reporting standards.
OKX’s Response
OKX called the case a “legacy registration matter” that has since been resolved. The company confirmed that Dutch customers have already been transitioned to a MiCA-compliant European entity. OKX also noted that the fine was the smallest imposed on a large exchange, partly due to its cooperation with regulators. The company assured that customer accounts were not affected by the sanction.
This case highlights a clear message for the crypto industry: exchanges can no longer rely on the “operate first, register later” model. Regulators across Europe are showing little tolerance for non-compliance, even for violations that occurred before new rules like MiCA were fully enforced. The experiences of OKX, Kraken, and Crypto.com reflect how Europe’s crypto landscape is shifting toward stricter oversight.
