Regulators Crack Down as OKX Pays Price for Dutch Oversight Gap

The Dutch National Bank (DNB) has imposed a fine of €2.25 million ($2.6 million) on cryptocurrency exchange OKX for operating in the Netherlands without registration prior to the implementation of the European Union’s Markets in Crypto-Assets (MiCA) framework [1]. The fine covers the period from July 2023 to August 2024, when the EU’s MiCA rules did not yet apply. The regulatory action aligns with the Netherlands’ ongoing efforts to enforce AML compliance in the crypto sector, a requirement that has been in place since early 2020 [2].

OKX acknowledged the fine and stated that it has resolved the issue, transferring Dutch users to its MiCA-licensed entity, OKCoin Europe. A company representative emphasized that OKX did not actively target Dutch customers during the period in question and that the fine does not apply to its legally authorized operations in the country [1]. The spokesperson also noted that the amount was reduced due to steps taken to address the registration issue, marking it as the lowest fine imposed by DNB on a major exchange [2].

This is not the first time OKX has faced regulatory scrutiny in Europe. Earlier in 2024, Maltese authorities imposed a €1.1 million ($1.2 million) fine on the exchange for AML compliance failures. In addition, the Philippines Securities and Exchange Commission recently issued a warning against OKX and nine other major crypto exchanges for operating without the required authorization [1]. These developments underscore the growing regulatory scrutiny of crypto platforms across multiple jurisdictions.

The Netherlands has been actively strengthening its regulatory framework for digital assets. Alongside the DNB’s enforcement actions, the Dutch Authority for Financial Markets (AFM) granted a MiCA license to local exchange Bitvavo in late June. The country is also considering legislation that would require crypto service providers to share user data with the tax authority [1]. These measures reflect the Dutch government’s broader strategy to integrate digital assets into the mainstream financial system while ensuring regulatory compliance and investor protection.

Meanwhile, the Dutch crypto ecosystem continues to attract international attention. In September 2024, Kraken acquired Coin Meester, one of the country’s oldest crypto broker firms, to expand its presence in the market. Furthermore, Amdax, a Dutch crypto service provider, announced plans to launch a Bitcoin treasury company on the Euronext stock exchange, with over $23.3 million in initial financing secured [1]. These developments indicate that the Netherlands is positioning itself as a key hub for crypto innovation and institutional-grade digital asset infrastructure.

Source:

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

[2] Netherlands Hits OKX With $2.6M Fine Over MiCA (https://www.mitrade.com/insights/news/live-news/article-3-1092835-20250903)