Cryptocurrency Exchange OKX Faces Penalty Shock! Millions of Dollars in Sanctions in This Country! Here's Why

Global cryptocurrency exchange OKX has been fined €2.25 million (approximately $2.6 million) by the Dutch Central Bank (DNB). OKX Fined $2.6 Million in the Netherlands The penalty stemmed from the company offering crypto services without obtaining the required legal registration in the country between July 2023 and August 2024. OKX's official name is Aux Cayes Fintech Co. The fine reportedly covers the period before the European Union's MiCA (Markets in Crypto Assets) regulation came into effect. The Netherlands has required crypto companies to register with the DNB since 2020. This step was taken within the framework of anti-money laundering laws (WWFT). DNB has previously fined other major exchanges for similar violations, with Crypto.com having to pay €2.85 million and Kraken €4 million. OKX released a statement following the penalty, stating that this was a retroactive registration issue and has now been resolved. The company emphasized that they have moved their Dutch users to their European headquarters, which holds a MiCA license, and that this process has no negative impact on customers. The statement also noted that this fine is the lowest DNB has ever imposed on a major exchange. OKX said, “We are pleased that this process is behind us. We will continue to develop compliant and secure services in Europe and globally.” *This is not investment advice. Continue Reading: Cryptocurrency Exchange OKX Faces Penalty Shock! Millions of Dollars in Sanctions in This Country! Here's Why