Dutch Regulators Crack Down as OKX Pays Smallest-Ever Crypto Fine

The Dutch National Bank (DNB) has imposed a fine of 2.25 million euros ($2.6 million) on cryptocurrency exchange OKX for operating in the Netherlands without the required registration with the financial regulator. The penalty covers the period from July 2023 to August 2024, which occurred before the introduction of the European Union’s Markets in Crypto Assets (MiCA) regime. During this timeframe, OKX’s parent company, Aux Cayes Fintech Co., provided crypto services in the Netherlands without meeting local regulatory requirements for anti-money laundering (AML) compliance [1]. The fine is part of a broader effort by the DNB to enforce registration requirements that were first introduced in early 2020 to align digital asset services with the country’s AML rules, known as the Wwft [2].

The fine is the latest in a series of regulatory actions taken by the DNB against major cryptocurrency exchanges for operating without proper licensing. For instance, Crypto.com was previously fined 2.85 million euros, while Kraken was required to pay 4 million euros for similar regulatory shortcomings [2]. An OKX representative stated that the fine relates to a “legacy registration matter” that has since been resolved, emphasizing that the company has migrated Dutch users to its MiCAR-licensed European entity, OKCoin Europe [1]. The representative also noted that the fine is the smallest ever issued by the DNB against a major crypto exchange and was reduced in recognition of OKX’s corrective actions [3].

The DNB emphasized that operating without registration weakens the ability to monitor illicit financial flows. During the period of non-compliance, OKX was unable to report suspicious transactions to the Financial Intelligence Unit-Netherlands, a critical component of AML frameworks. The regulator has warned other platforms against similar non-compliance, signaling a continued commitment to enforcing regulatory standards [4]. OKX has faced regulatory scrutiny beyond the Netherlands, including a 1.1 million euro fine from Maltese authorities in April 2025 for AML violations [4]. In February 2025, OKX also reached a $504 million settlement in the United States for operating as an unlicensed money transmitter and processing $5 billion in suspicious transactions [4].

The Netherlands remains a key market for OKX despite these regulatory challenges. The company maintains that it did not actively target Dutch users during the period in question and that its MiCAR-licensed entity is fully authorized to operate in the country. The firm expressed satisfaction with having resolved the matter and reiterated its commitment to delivering compliant and secure services across Europe and beyond [2]. The regulatory landscape in the Netherlands is evolving rapidly, with recent developments including the granting of a MiCA license to local exchange Bitvavo and the announcement of a Bitcoin treasury company by Amdax, a Dutch crypto service provider [2].

The Dutch government has also signaled its intent to tighten regulatory oversight by proposing new laws that would require crypto service providers to share user data with tax authorities. These changes reflect a broader trend of increased scrutiny and regulation in the cryptocurrency sector, particularly as markets grapple with the implementation of EU-wide frameworks like MiCA [2]. For OKX and other major exchanges, navigating these evolving regulations will be a key factor in maintaining operations in the region while ensuring compliance with local and international standards.

Source: [1] 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] OKX Fined $2.6M for Unregistered Operations in Netherlands (https://cointelegraph.com/news/okx-fined-2-6m-netherlands-operating-without-license) [3] Crypto Exchange OKX Fined $2.6M in Netherlands for Failing ... (https://finance.yahoo.com/news/crypto-exchange-okx-fined-2-060000846.html) [4] LATEST: Crypto exchange OKX fined €2.25M for operating ... (https://www.amlintelligence.com/2025/09/latest-crypto-exchange-okx-fined-e2-25m-for-operating-in-netherlands-without-approval/)