The global cryptocurrency exchange, OKX, has been slapped with a fine of 2.25 million euros ($2.6 million) by the Dutch National Bank for providing cryptocurrency services in the Netherlands without obtaining the necessary registration. This penalty applies to the period between July 2023 and August 2024, prior to the implementation of the European Union's Markets in Crypto Assets (MiCA) regulations, as stated in a recent press release. The Dutch National Bank introduced the requirement for cryptocurrency firms to register in early 2020, aligning digital assets with the country's anti-money laundering laws.
Several other cryptocurrency exchanges, including Crypto.com and Kraken, have also faced penalties for similar non-compliance issues, with fines of 2.85 million euros and 4 million euros, respectively. According to an OKX spokesperson, "The fine is related to a past registration issue that has been resolved, with no effect on our customers. The fine is the smallest imposed by the Dutch National Bank on a major exchange, reflecting the steps we took to rectify the situation, including transferring our Dutch users to our fully MiCA-licensed European entity.
We are pleased to have resolved this matter and remain committed to developing compliant and secure services across Europe and beyond."