International cryptocurrency exchange OKX has been fined €2.25 million ($2.6 million) by the Dutch Central Bank (DNB) for failing to comply with Dutch regulations. According to a statement from the DNB, OKX was found to have operated in the Netherlands without the required registration between July 2023 and August 2024.
Registration Requirement in the Netherlands
The Netherlands introduced a registration requirement for the cryptocurrency sector in 2020 under anti-money laundering (AML) regulations. According to this rule, companies wishing to offer crypto services in the country must register with the DNB. The statement noted that OKX operated under the name Aux Cayes Fintech Co. during this period and failed to comply with this requirement.
An OKX spokesperson stated that the fine "relates to an old registration issue that has long been resolved and has no impact on customers." The company argued that it had now transferred its Dutch users to its European subsidiary, which is licensed under the MiCA (Crypto Assets Markets) Act, and that the fine was the lowest DNB had ever imposed on a major platform.
OKX has been fined before
This fine in the Netherlands is not the first that OKX has faced this year. The exchange has been facing repeated penalties in various countries for its lack of compliance and anti-money laundering regulations. For example:
- US: In February, US authorities fined OKX's Seychelles subsidiary $504 million. The investigation revealed that OKX processed more than $1 trillion in transactions for US users between 2018 and 2024. Over $5 billion of these transactions were related to criminal proceeds and suspicious activities.
- Malta: In April, the Financial Intelligence Analysis Unit (FIAU) in Malta fined OKX €1.1 million for what it described as "serious and systematic" compliance violations.
- Thailand: That same month, the Thai Securities and Exchange Commission (SEC) filed criminal charges against OKX and nine others for operating an unauthorized digital asset exchange.
- Philippines: Last month, the Philippine Securities and Exchange Commission (SEC) issued a warning to 10 major cryptocurrency exchanges, including OKX, for continuing to offer services to Filipino users without the necessary authorization.
Crypto Regulation Evolving in the Netherlands
The Netherlands is actively regulating the cryptocurrency market. DNB, which previously fined Crypto.com €2.85 million and Kraken €4 million, continues to monitor the market. Meanwhile, the Dutch government is developing legislation that would require crypto service providers to share user data with tax authorities. Despite this strict regulatory environment, the crypto sector in the Netherlands continues to thrive. Last month, Dutch crypto service provider Amdax announced plans to establish a Bitcoin treasury company on Amsterdam's Euronext exchange. Also in late June, local crypto exchange Bitvavo was granted a MiCA license. Last year, major players like Kraken announced the acquisition of a local crypto firm called Coin Meester to expand their presence in the Netherlands.
Furthermore, Dutch and US authorities announced the closure of "VerifTools," an online store selling fake IDs, as part of their efforts to combat illicit crypto use. This platform, which accepts digital asset payments, sold fake documents for as little as $9. As part of the investigation, two physical servers located in Amsterdam and 21 virtual servers supporting the operation were seized.
