Regulators Crack Down: OKX Fined for Skipping Dutch Registration

The Dutch National Bank (DNB) has imposed a fine of 2.25 million euros (approximately $2.6 million) on cryptocurrency exchange OKX for operating in the Netherlands without the necessary registration prior to the enforcement of the European Union’s Markets in Crypto-Assets (MiCA) regime. The fine, announced in a press release, covers the period from July 2023 to August 2024. During this time, OKX was not registered with the DNB, despite the requirement for crypto firms to register with the regulator since early 2020 under anti-money laundering (AML) rules [1]. An OKX spokesperson stated that the company is “pleased to have resolved this matter” and emphasized that the fine does not apply to its MiCAR-licensed entity, Okcoin Europe, and that the firm continues to view the Netherlands as a key market [2].

This is not the first time OKX has faced regulatory action in the Netherlands. In early April 2025, Maltese authorities issued a fine of 1.1 million euros (approximately $1.2 million) against OKX for violating local AML rules, citing “serious and systematic” compliance failures. The same month, the Philippines Securities and Exchange Commission also warned against OKX for operating without the necessary authorization, a move the regulator described as an effort to curtail unregistered crypto services offered to local users [1]. These actions reflect a broader trend of increased regulatory scrutiny of crypto exchanges across multiple jurisdictions.

The DNB’s enforcement of registration requirements has been consistent, with similar fines previously issued to other major crypto platforms. For instance, in March 2024, the DNB fined Crypto.com 2.85 million euros for unregistered operations over a period exceeding two years. Binance was also fined in 2022 for the same violation before exiting the Dutch market, and Coinbase faced a similar fine in 2023 [2]. OKX’s spokesperson noted that the fine is the lowest amount issued by the DNB against a major exchange and was reduced due to steps taken by the company, including migrating Dutch users to its MiCAR-licensed European entity [3]. Despite the fine, OKX remains compliant with current regulations and continues to operate in the Netherlands.

The Netherlands has become a growing hub for crypto innovation, with recent developments indicating increased regulatory activity and market maturity. In June 2025, the Dutch Authority for Financial Markets granted a MiCA license to local exchange Bitvavo, while another Dutch crypto service provider, Amdax, announced plans to launch a Bitcoin treasury company on Euronext. In October 2024, the Dutch government sought public input on proposed laws requiring crypto service providers to share user data with tax authorities, a move that aligns with broader efforts to bring digital assets under traditional financial regulatory frameworks [1].

As the regulatory landscape for crypto assets continues to evolve, OKX’s case highlights the importance of compliance with local registration and AML requirements. The exchange, now operating under a MiCAR license, remains active in the European market despite recent regulatory challenges. The enforcement actions by the DNB and other regulators underscore the increasing scrutiny of crypto firms, reflecting a global shift toward stricter oversight of the sector. With more firms entering the market under regulated frameworks, the Netherlands appears poised to play a significant role in the future of crypto innovation [3].

Source:

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

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

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