OKX Fined $2.6M by Dutch Bank for Unregistered Crypto Services

Global cryptocurrency exchange OKX has been fined 2.25 million euros, approximately $2.6 million, by the Dutch National Bank (DNB) for offering crypto services in the Netherlands without registration.

As per DNB’s press release, the company, which is officially known as Aux Cayes Fintech Co., was fined for offering cryptocurrency services in the Netherlands from July 2023 to August 2024.

The penalty pertains to the days prior to Europe imposing its new crypto regulations, or the Markets in Crypto Assets (MiCA) regime. The Netherlands had made registration with the DNB compulsory for crypto companies in 2020 to abide by anti-money laundering legislation.

OKX said the registration problem was a legacy issue that has already been resolved and did not affect customers. The fine was the lowest ever issued by the DNB to a major exchange and was reduced because the company migrated Dutch users to its fully MiCA-licensed European entity. OKX said it is focused on providing safe and compliant services across Europe and beyond.

This is not the first time crypto firms have been fined in the Netherlands. Previously, Crypto.com paid 2.85 million euros, and Kraken was fined 4 million euros for similar issues.

Last month, OKX permanently burned around 279 million OKB tokens, worth over $26 billion, slashing the token’s maximum supply from 300 million to 21 million and effectively resetting its tokenomics strategy. Even the exchange has integrated Apple Pay into its Buy Crypto service for users in the U.S. and EEA.

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