Global cryptocurrency trading firm OKX, officially known as Aux Cayes Fintech Co., has been penalized by the Dutch National Bank (DNB) with a fine of 2.25 million euros (approximately $2.6 million). This financial sanction stems from the firm’s offerings of crypto services in the Netherlands without proper registration with the financial regulator. The fine applies to activities that took place from July 2023 to August 2024, prior to the enactment of the European Union’s Markets in Crypto Assets (MiCA) framework.
Since early 2020, the Netherlands has mandated that cryptocurrency firms register with the DNB to ensure compliance with the country’s anti-money laundering regulations under the Dutch Anti-Money Laundering and Terrorist Financing Act (Wwft). The DNB has previously taken action against multiple cryptocurrency exchanges for similar infractions. Notably, Crypto.com faced a fine of 2.85 million euros, while Kraken was penalized with a hefty 4 million euros for not adhering to the registration requirements.
In response to the fine, an OKX spokesperson commented via email that the penalty pertains to a “legacy registration matter” that has been effectively addressed. The representative emphasized that the issue had no adverse impact on customers. Moreover, they pointed out that the fine imposed on OKX is the lowest charged by DNB against a major cryptocurrency exchange, acknowledging the company’s efforts to migrate Dutch users to its fully MiCAR-licensed European entity. The spokesperson expressed satisfaction with the resolution of the matter, reiterating the firm’s commitment to establishing compliant and secure services throughout Europe and beyond.
