Regulators Crack Down: OKX Pays Price for Crypto Compliance Gaps

OKX, a major global cryptocurrency exchange, has been fined €2.25 million (approximately $2.6 million) by the Dutch National Bank (DNB) for operating in the Netherlands without the necessary regulatory registration. The fine relates to the period from July 2023 to August 2024, prior to the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation in December 2024. During this time, OKX was required to comply with the Netherlands’ anti-money laundering (AML) and anti-terrorist financing regulations, which mandated that crypto service providers register with DNB to fulfill their gatekeeper role in monitoring illicit financial flows [1].

The DNB stated that unregistered crypto service providers pose a high risk of facilitating money laundering and terrorist financing due to the anonymity typically associated with crypto transactions. OKX’s failure to register during the specified period meant it could not effectively report suspicious or unusual transactions to the Financial Intelligence Unit-Netherlands (FIU-NL). This regulatory non-compliance undermined the country’s efforts to mitigate financial crime and protect the integrity of its financial system [4].

OKX has acknowledged the fine, describing it as a “legacy registration matter” that has since been remediated. The company noted that it had taken proactive steps to resolve the issue, including migrating Dutch users to its MiCAR-licensed European entity. As a result, the DNB reduced the fine to the lowest amount issued against a major exchange, recognizing these corrective actions. An OKX representative emphasized that the firm remains focused on building compliant and secure services across Europe and beyond [1].

This penalty aligns with a broader trend of regulatory scrutiny in the Netherlands, where several major crypto exchanges have faced similar penalties. For example, DNB previously imposed fines on competitors such as Crypto.com, Kraken, and Binance for operating without registration. The regulatory environment is evolving rapidly, with the introduction of MiCA setting new licensing requirements for crypto service providers across the EU. OKX, which holds a MiCAR license, is now legally authorized to operate in the Netherlands and continues to expand its presence in the European market [5].

The incident highlights the growing importance of regulatory compliance in the crypto sector. With increasing institutional adoption and public interest in digital assets, regulators are tightening oversight to ensure transparency and accountability. OKX’s actions, including its monthly Proof of Reserves reports and use of zero-knowledge proofs for asset verification, demonstrate its commitment to maintaining a secure and transparent platform. These efforts aim to foster trust among users and regulators alike, while supporting the broader goal of creating a sustainable crypto ecosystem [3].

As the Netherlands continues to emerge as a hub for crypto innovation, regulatory clarity is becoming a critical factor for market participants. The country has seen a rise in new initiatives, including the expansion of MiCA-licensed exchanges and the launch of blockchain-based financial products. This regulatory focus underscores the broader global shift toward structured and compliant crypto markets, where innovation and risk mitigation go hand in hand.

Source:

[1] 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)

[2] Fine for Aux Cayes Fintech Co. Ltd. for offering crypto ... (https://www.dnb.nl/en/general-news/enforcement-measures-2025/fine-for-aux-cayes-fintech-co-ltd-for-offering-crypto-services-in-the-netherlands-without-the-legally-required-registration-from-july-2023-to-august-2024/)

[3] Proof of Reserves | Cryptocurrency Asset Verification (https://www.okx.com/proof-of-reserves)

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

[5] Compliance Analyst, AML Investigations (http://job-boards.greenhouse.io/OKX/jobs/6677714003)