Crypto exchange OKX has been fined $2.6 million by the Dutch National Bank (DNB) for offering its services in the Netherlands without the necessary registration. This fine pertains to a 13-month period from July 2023 to August 2024, prior to the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulations.
The DNB’s enforcement action specifically targets Aux Cayes Fintech Co., the legal entity linked to OKX that was servicing Dutch customers during the specified timeframe. Under Dutch law, all cryptocurrency firms are required to register with the DNB to comply with the anti-money laundering (AML) regulations established in 2020. OKX’s non-compliance with these rules is considered a violation of the financial regulations in place.
In addressing the fine, OKX indicated that the issue has been resolved by transferring its Dutch customer base to its licensed European platform, Okcoin Europe, which is compliant with MiCA regulations. The company clarified that its operations in the Netherlands are now fully lawful under the EU framework. While the penalty is one among several OKX has faced recently, it is notably the smallest when compared to fines incurred by other major exchanges such as Crypto.com, Kraken, and Binance for similar violations.
In recent months, OKX has encountered a slew of regulatory challenges across various jurisdictions. Earlier in 2025, the Seychelles entity of OKX was penalized $504 million in the United States for facilitating over $1 trillion in transactions by U.S. users, a significant portion of which was connected to illicit activities. Additionally, Malta’s Financial Intelligence Analysis Unit imposed a €1.1 million fine for compliance shortcomings, while the Philippines’ SEC has also warned about OKX’s operational status without proper registration.
Despite these challenges, the crypto landscape in the Netherlands appears to be thriving. Local companies like Amdax are advancing projects, including the establishment of a Bitcoin treasury on Euronext Amsterdam, while Bitvavo has successfully secured a MiCA license. There are also ongoing discussions within the Dutch government regarding new regulations compelling crypto firms to share user data with tax authorities, indicating a commitment to establishing a regulated environment for cryptocurrency.
As the regulatory framework for digital assets continues to evolve in Europe, experts emphasize the importance of compliance for firms like OKX. The repeated fines suggest a pattern of reactive measures rather than proactive compliance strategies. For OKX to foster lasting trust and sustain its operations, industry analysts argue it must go beyond temporary fixes and commit to a consistent and robust compliance framework to adapt to changing regulations.
