Regulators Target OKX as Crypto Compliance Era Kicks In

The Dutch National Bank (DNB) has fined cryptocurrency exchange OKX 2.25 million euros ($2.6 million) for operating in the Netherlands without the required registration between July 2023 and August 2024. The fine was issued for unlicensed activities prior to the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regime, which is designed to provide a unified regulatory framework for crypto assets across the EU. The fine was noted as the lowest issued by the DNB against a major exchange, and it was reduced in recognition of corrective actions taken by OKX, including migrating Dutch users to its MiCAR-licensed European entity [1].

The Netherlands has required crypto firms to register with the DNB since early 2020, aligning the sector with the country’s anti-money laundering (AML) rules under the Wet ter Voorkoming van de Vennootschappelijke Wettelijke Verplichtingen (Wwft). The DNB has previously imposed similar penalties on other major exchanges for non-compliance, including a 2.85 million euro fine on Crypto.com and a 4 million euro penalty on Kraken. These actions reflect a broader trend of regulatory enforcement in the Netherlands, which aims to ensure adherence to financial regulations in the digital asset space [2].

An OKX representative stated that the fine relates to a "legacy registration matter" that has been "long since remediated," with no impact on customers. The company emphasized its commitment to compliance and security in Europe and beyond. Additionally, the representative noted that the fine does not extend to OKX’s MiCAR-licensed entity, OKCoin Europe, which is now authorized to operate in the Netherlands. Despite the penalty, OKX has confirmed its continued commitment to the Dutch market [3].

The regulatory scrutiny of OKX is not limited to the Netherlands. In early April 2025, the Maltese authorities imposed a 1.1 million euro fine on the exchange for AML violations. In addition, the Philippines Securities and Exchange Commission recently warned OKX and nine other exchanges for operating without the necessary authorization in the country. These enforcement actions highlight the increasing regulatory focus on crypto platforms across multiple jurisdictions, particularly as the industry matures and regulatory frameworks like MiCA take shape [3].

The Netherlands remains a key market for crypto innovation, with recent developments indicating growing institutional interest. Local exchange Bitvavo was granted a MiCA license in June 2025, and a new Bitcoin treasury company is being prepared for listing on Amsterdam’s Euronext stock exchange. The Dutch government is also considering new rules that would require crypto service providers to share user data with tax authorities, further emphasizing the country’s proactive stance on crypto regulation. The regulatory environment is attracting major players, with Kraken recently acquiring a Dutch crypto broker to expand its presence in the region [3].

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[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] Crypto Exchange OKX Fined $2.6M in Netherlands for Failing ... (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)