Why OKX Was Fined in the Netherlands
Crypto exchange OKX has been fined €2.25 million (~$2.6M) by the Dutch central bank (DNB) for offering services without proper registration between July 2023 and August 2024. Dutch rules require all crypto companies to register under the Anti-Money Laundering (AML) framework, in place since 2020, to prevent money laundering and ensure exchanges meet the same compliance standards as banks.
The DNB clarified that operating without approval “will not be tolerated,” sending a firm warning to exchanges that sidestep registration.
How This Fits Into Europe’s Tougher Rules
This fine adds OKX to a list of major crypto players penalized in the Netherlands. Crypto.com paid €2.85M and Kraken €4M for similar violations. With the Markets in Crypto-Assets Regulation (MiCA) now live across Europe, regulators are tightening the screws, leaving little room for exchanges to operate in gray areas.
The message is clear: Europe is serious about enforcement, and even past missteps are being pursued.
Past Compliance Missteps Around the World
This is not the first time OKX has been under regulatory fire:
- April 2025 (Malta): OKX’s European arm was fined €1.1M for AML shortcomings in 2023. The company later secured MiCA approval after improving its compliance processes.
- Early 2025 (United States): OKX agreed to a record $504M settlement after admitting to running as an unlicensed money transmitter and handling illicit transactions. As part of the settlement, OKX must now work under strict oversight and hire an independent compliance consultant until 2027.
These cases highlight how regulators worldwide are demanding stricter transparency and compliance from major crypto firms.
OKX’s Response: “Legacy Matter Resolved”
In a statement, OKX—officially Aux Cayes Fintech Co.—downplayed the fine, calling it a minor historical issue.
“This was a legacy registration matter that has already been resolved. Dutch customers have been migrated to our fully MiCA-licensed European entity,” a company spokesperson told reporters.
The exchange stressed that the fine had “no impact on customers” and noted that the DNB imposed the lowest penalty ever against a major exchange, reduced in recognition of OKX’s cooperation.
Why the Timing Matters
The fine covers a period before MiCA’s framework became official. Now that MiCA is in force, crypto exchanges across Europe must secure licenses, meet reporting standards, and comply with stricter AML checks.
For OKX, Kraken, and Crypto.com, the era of “operate first, register later” is over. Europe’s regulatory grip is tightening, and exchanges are being reminded that past non-compliance will not be overlooked.
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