The Dutch Central Bank has fined crypto exchange OKX for operating without the required registration, raising important questions about compliance in the cryptocurrency sector.
Fine by the Dutch Central Bank
The Dutch Central Bank (De Nederlandsche Bank, DNB) has imposed a €2.35 million ($2.6 million) fine on crypto exchange OKX for offering its services to Dutch users without the necessary registration. The penalty stems from violations of anti-money laundering regulations.
Serious Violations Cited by DNB
DNB reported that between May 2022 and July 2022, OKX allowed customers in the Netherlands to buy and trade digital assets without registering under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. Regulators noted that this lack of registration gave the exchange what they considered an 'unfair competitive advantage.' Operating without registration poses risks related to money laundering and terrorist financing.
OKX's Response to the Fine
In response to the fine, OKX stated that it has since taken the necessary steps to comply with Dutch regulations. The company emphasized that it now operates in full accordance with local laws and prioritizes regulatory alignment as it expands its global operations.
The incident with OKX highlights the importance of compliance for cryptocurrency platforms as regulators worldwide intensify scrutiny of the industry.
