Regulators Send Clear Message: Crypto Era of Leniency Is Over

OKX has been fined €2.25 million by the Dutch central bank (DNB) for offering unregistered crypto services between July 2023 and August 2024. The penalty was issued in accordance with Dutch regulations requiring all crypto companies to register under the Anti-Money Laundering (AML) framework, a regulatory standard established in 2020 to combat money laundering and ensure compliance with banking-level safeguards. The DNB emphasized that operating without approval is not acceptable, sending a clear warning to other exchanges about the consequences of non-compliance [1].

This fine places OKX among several major crypto platforms penalized by Dutch regulators for similar violations. Notably, Crypto.com was fined €2.85 million, and Kraken was fined €4 million. These cases underscore a broader trend of European regulators enforcing stricter compliance standards under the Markets in Crypto-Assets Regulation (MiCA), which has now been implemented across the EU. The regulatory environment is increasingly structured, with minimal tolerance for operating in legal gray areas [2].

OKX is not unfamiliar with regulatory scrutiny. In April 2025, its European operations were fined €1.1 million in Malta for AML deficiencies. The company later secured MiCA compliance by improving its procedures. Additionally, in early 2025, OKX settled a $504 million fine in the United States for operating as an unlicensed money transmitter and processing illicit transactions. As part of the settlement, the firm is now subject to oversight by an independent compliance consultant until 2027 [3].

In response to the Dutch fine, OKX described the issue as a “legacy matter” that has been resolved. The company stated that it had already taken corrective actions and that Dutch customers have been transitioned to its MiCA-licensed European entity. OKX also emphasized that the DNB’s penalty was the lowest ever imposed on a major exchange and was reduced due to the firm’s cooperation [4].

The timing of the fine is significant, as it pertains to the period before MiCA became fully operational. With the regulation now in force, all crypto exchanges in Europe must obtain licenses and adhere to stricter reporting and AML requirements. For OKX and its peers, the practice of operating first and registering later has ended. Regulators are making it increasingly clear that past non-compliance will not be overlooked, marking a new phase of regulatory accountability in the crypto sector [5].

Source: [1] OKX Fined €2.25M by Dutch Regulator for Operating Without Registration (https://coinpedia.org/news/okx-fined-e2-25m-by-dutch-regulator-for-operating-without-registration/) [2] OKX Fined €2.25M by Dutch Regulator for Operating Without Registration (https://cryptorank.io/news/feed/bd206-okx-fined-e2-25m-by-dutch-regulator-for-operating-without-registration)