Dutch Regulators Crack Down as OKX Pays Lowest-Ever Major Crypto Fine

The Dutch National Bank (DNB) has imposed a fine of 2.25 million euros ($2.6 million) on the cryptocurrency exchange OKX for operating in the Netherlands without the required registration during the period from July 2023 to August 2024. This occurred prior to the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regime. The fine, issued under the Netherlands' anti-money laundering regulations (Wwft), is attributed to a failure to comply with the country's legal requirements for operating as a crypto service provider [1].

The fine is described by OKX as a “legacy registration matter” and is the lowest amount imposed by the DNB on a major exchange, according to the company. The reduction in the fine was recognized in the steps OKX took to address the issue, including migrating Dutch users to its MiCA-licensed European entity. An OKX representative emphasized that the company has “remediated” the issue and that the fine “has no impact on customers.” The firm remains focused on delivering compliant and secure services across Europe and beyond [1].

This is not the first time that OKX has faced regulatory action in the Netherlands or elsewhere. The country has previously fined other major exchanges for similar violations, including a 2.85 million euro penalty against Crypto.com and a 4 million euro fine on Kraken. The regulatory landscape for crypto operators in the Netherlands has been tightening since early 2020, when the DNB began requiring crypto firms to register in line with AML requirements [2].

OKX’s case is also part of a broader pattern of regulatory scrutiny in Europe. In April 2025, Maltese authorities fined OKX 1.1 million euros for violations of AML rules. Earlier in the same year, the Philippines Securities and Exchange Commission issued a warning against OKX for operating without authorization to its users [3].

Despite the fine, OKX, which now operates under a MiCA license, has no plans to exit the Netherlands market. The company maintains that it did not actively target Dutch customers during the period in question and that the fine does not apply to its European-licensed subsidiary, OKCoin Europe. The firm views the Netherlands as an important market for its services [3].

The regulatory environment for crypto firms in the Netherlands continues to evolve, with new initiatives and compliance measures being introduced. In June 2025, local exchange Bitvavo received a MiCA license, and the Dutch government has also proposed new laws requiring crypto service providers to share user data with tax authorities. At the same time, other crypto firms are expanding their presence in the country, with Kraken recently acquiring a registered broker firm to strengthen its operations [3].

Source:

[1] Crypto Exchange OKX Fined $2.6M in Netherlands for Failing to Register with Dutch National Bank (https://www.coindesk.com/policy/2025/09/03/okx-fined-usd2-6m-in-netherlands-for-failing-to-register-with-dutch-national-bank)

[2] Crypto Exchange OKX Fined $2.6M in Netherlands for Failing ... (https://finance.yahoo.com/news/crypto-exchange-okx-fined-2-060000846.html)

[3] OKX Fined $2.6M for Unregistered Operations in Netherlands (https://cointelegraph.com/news/okx-fined-2-6m-netherlands-operating-without-license)