Regulators Crack Down as OKX Faces Latest in Global Compliance Fines

The Dutch National Bank (DNB) imposed a 2.25 million euro ($2.6 million) fine on cryptocurrency exchange OKX for operating in the Netherlands without the required regulatory registration. The fine relates to the period from July 2023 to August 2024, before the EU’s Markets in Crypto-Assets (MiCA) regime came into effect [1]. The Netherlands has required crypto firms to register with the DNB since 2020 under anti-money laundering (AML) regulations, and OKX failed to comply during that time [2]. The DNB has previously penalized other major exchanges for similar infractions, including a 2.85 million euro fine against Crypto.com and a 4 million euro fine against Kraken [3].

OKX, formally known as Aux Cayes Fintech Co., acknowledged the fine and described it as a legacy issue that has since been resolved. A representative said the company had taken proactive steps to comply with regulations, including migrating Dutch users to a fully MiCA-licensed European entity. The representative noted that the fine was the smallest ever issued by the DNB against a major exchange and that it recognized OKX's efforts to address the issue [1]. The company added that the fine had no impact on customers and reaffirmed its commitment to providing secure and compliant services across Europe and beyond [2].

The DNB has been increasingly active in enforcing compliance among crypto firms. In the past, the regulator has imposed fines on other global exchanges for operating without registration. For example, Binance was fined in 2022 for similar reasons and eventually exited the Dutch market. Coinbase also faced a fine in 2023 for the same type of non-compliance. These actions reflect the DNB’s broader strategy of ensuring the crypto sector adheres to regulatory standards aligned with AML and investor protection frameworks [3].

OKX is not the only entity facing scrutiny in recent months. In April 2025, Maltese authorities imposed a 1.1 million euro fine on OKX for violations of local AML rules. Additionally, in late August 2025, the Philippines Securities and Exchange Commission issued a warning against OKX for operating without authorization in the country, alongside nine other major exchanges. These cases highlight the growing global regulatory attention on crypto firms, particularly regarding compliance and transparency [3].

The Netherlands continues to be a focal point for crypto innovation and regulation. In June 2025, local exchange Bitvavo received a MiCA license, signaling regulatory acceptance of compliant operations. Earlier in the year, Amdax announced plans to launch a Bitcoin treasury company on the Euronext stock exchange, backed by significant private investment. Meanwhile, the Dutch government has also proposed new laws requiring crypto service providers to collect and share user data with tax authorities, further expanding regulatory oversight [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] OKX Fined $2.6M for Unregistered Operations in Netherlands (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)