The Dutch National Bank (DNB) has fined OKX $2.6 million (€2.25 million) for offering cryptocurrency services without registering.
The fine covers operations between July 2023 and August 2024, before the EU’s Markets in Crypto Assets (MiCA) framework took effect.
Unregistered Before MiCA Was Introduced
SponsoredThe Bank confirmed that Aux Cayes Fintech Co., known as OKX, was fined for failing to register while providing crypto services in the Netherlands. The penalty applies to activities before MiCA became enforceable and reflects ongoing enforcement under the country’s anti-money laundering framework (Wwft).
The Netherlands introduced registration requirements for crypto platforms in 2020. Since then, several exchanges have been sanctioned. Crypto.com received a fine of $3.31 million (€2.85 million), and Kraken was required to pay $4.66 million (€4 million). These measures ensure that platforms offering digital assets comply with national regulations.
An OKX spokesperson noted that the fine relates to a legacy registration issue that has been resolved. Dutch users were transferred to a European entity fully licensed under MiCA. The company emphasized that the enforcement action did not affect customer assets.
The spokesperson added that the fine was reduced because of the steps taken to remedy the registration issue, making it the lowest fine imposed by the DNB on a significant exchange.
The case illustrates the increasing scrutiny of cryptocurrency firms operating in Europe. MiCA is designed to harmonize rules across the EU, aiming to improve transparency and consumer protection while addressing potential financial crime risks in the digital asset sector.
As MiCA rules are implemented, exchanges operating in multiple EU countries must align with local and regional regulations. Non-compliance can result in financial penalties and regulatory action, signaling that national authorities are monitoring the market closely.
