Crypto Exchange OKX Fined $2.6M in Netherlands for Failing to Register With Dutch National Bank

Global cryptocurrency buying and selling agency OKX was fined 2.25 million euros ($2.6 million) by the Dutch National Bank (DNB) for providing crypto companies in the Netherlands with out having registered with the monetary regulator.

The effective on the corporate, whose official identify is Aux Cayes Fintech Co., relates to the interval July 2023 to August 2024, earlier than the introduction of Europe Union’s Markets in Crypto Assets regime (MiCA), in accordance to a press launch.

The Netherlands began requiring crypto corporations to register with the DNB in early 2020, bringing digital belongings in line with the nation’s anti-money laundering guidelines (Wwft). The financial institution has punished a number of crypto exchanges for comparable shortcomings, together with Crypto.com, which was fined 2.85 million euros, and Kraken, which had to pay 4 million euros.

“This fine relates to a legacy registration matter that has long since been remediated, with no impact on customers,” stated an OKX consultant through electronic mail. The effective “is the bottom effective issued by DNB in opposition to a significant change and was lowered in recognition of the steps we took, together with migrating Dutch customers to our absolutely MiCAR-licensed European entity. We’re happy to have resolved this matter and stay targeted on constructing compliant, safe companies throughout Europe and past.”