OKX Fined $2.6M by Dutch Bank Over Registration Breach
Dutch Central Bank fines crypto exchange OKX $2.6M for operating without mandatory registration.
- OKX fined for offering services in the Netherlands without registration
- Dutch National Bank says OKX gained unfair advantage
- Exchange claims it now complies with all local laws
The Dutch Central Bank (De Nederlandsche Bank – DNB) has slapped a hefty €2.35 million ($2.6 million) fine on crypto exchange OKX. The penalty comes as a result of the platform offering crypto services to Dutch users without the proper registration required by national anti-money laundering laws.
According to the DNB, OKX allowed customers in the Netherlands to buy and trade digital assets without complying with the country’s regulatory framework between May 2022 and July 2022. During this period, the exchange allegedly failed to register under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act, giving it what regulators describe as an “unfair competitive advantage.”
DNB Cites Serious Violations
The central bank highlighted that operating without registration poses serious risks, especially in terms of money laundering and terrorist financing. By avoiding the local registration process, OKX bypassed essential checks that ensure transparency and protect users.
DNB also noted that the violation was particularly concerning due to OKX’s large client base and the substantial volume of transactions handled during the unregistered period.
OKX Responds: We’re Now Compliant
In response, OKX stated that it has since taken the necessary steps to comply with Dutch regulations. The company emphasized that it now operates in full accordance with local laws and prioritizes regulatory alignment as it expands its global operations.
This incident serves as a reminder to crypto platforms: compliance is no longer optional. With increased scrutiny from regulators around the world, exchanges must adapt to national laws or face severe consequences.
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