OKX fined $2.6M in Netherlands for unlicensed operations ahead of MiCA rollout
The Dutch National Bank fined OKX $2.6 million for operating in the Netherlands without registration before the EU’s MiCA rules took effect.
The Dutch National Bank (DNB) imposed a fine of 2.25 million euros ($2.6 million) on crypto exchange OKX for operating in the country without registering with the regulator.
According to a Wednesday DNB announcement, the fine pertains to the period from July 2023 to August 2024, before the introduction of the European Union’s Markets in Crypto-Assets (MiCA) regime. Local regulators began requiring crypto firms to register with the local central bank for Anti-Money Laundering (AML) purposes in early 2020.
An OKX spokesperson told Cointelegraph that the company is “pleased to have resolved this matter” and “maintains that OKX did not actively target Dutch customers during the period in question.” The representative also highlighted that the fine “does not apply to, nor concern, our MiCAR-licensed entity, OKCoin Europe,” and that the Netherlands remains an important market for the firm.
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