OKX Fined 1.1 Million Euros by Malta for AML Failures

Cryptocurrency exchange OKX has come under renewed regulatory scrutiny in Europe following a significant fine imposed by Maltese authorities for violations of Anti-Money Laundering (AML) laws. The Financial Intelligence Analysis Unit (FIAU) of Malta has fined Okcoin Europe, the Europe-based subsidiary of OKX, 1.1 million euros ($1.2 million) due to multiple AML failures detected on the platform in the past. The authority announced this penalty on April 3, acknowledging that while OKX has made substantial improvements to its AML policies over the past 18 months, past compliance failures from 2023, some of which were deemed serious and systematic, could not be overlooked.

OKX was one of the first crypto exchanges to receive a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation through its Malta hub in January 2025. This regulatory approval was seen as a significant milestone for the exchange, positioning it as a compliant player in the European market. However, the recent fine highlights the ongoing challenges faced by crypto exchanges in meeting stringent regulatory requirements.

The news of the $1.2 million penalty in Malta follows closely on the heels of reports that European Union regulators were investigating OKX for its alleged involvement in laundering funds from the Bybit hack. According to previous claims, OKX’s Web3 proxy was used by hackers to launder approximately $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February 2025. This incident has raised further questions about the security and compliance measures of crypto exchanges operating in Europe.

The fine imposed by the FIAU serves as a reminder of the importance of robust AML policies and procedures in the crypto industry. While OKX has taken steps to enhance its compliance framework, the regulatory scrutiny it faces underscores the need for continuous vigilance and improvement. As the crypto market continues to evolve, exchanges must remain proactive in addressing regulatory concerns to maintain trust and credibility with users and authorities alike.