Crypto exchange OKX has encountered new regulatory challenges after being fined by the Dutch central bank for providing services without proper registration. This incident reflects the increasing scrutiny regulators are placing on the crypto industry.
Fine from the Dutch Regulator
The Dutch central bank (DNB) fined OKX €2.25 million for providing services in the country without proper registration between July 2023 and August 2024. According to Dutch law, all crypto companies must be registered to operate legally. The DNB made it clear that offering services without approval is unacceptable, sending a strong signal to all crypto firms across Europe.
Global Compliance Challenges
This fine adds OKX to a growing list of high-profile crypto exchanges penalized in the Netherlands, including Kraken and Crypto.com. In 2025, OKX also faced a record $504 million fine from US authorities for facilitating illegal money transfers. Investigations are ongoing to determine if hackers used OKX’s infrastructure to launder funds stolen from a recent cyber heist.
Company Response and Future Outlook
In response to the Dutch fine, OKX termed the issue a 'legacy registration problem' that has since been resolved. All Dutch users have been migrated to a fully MiCA-compliant European entity. While DNB acknowledged the company's cooperation and reduced the fine, critics argue that ongoing compliance issues reflect deeper problems within the company's culture.
The fine from the Dutch central bank is just the latest in a long series of compliance violations for OKX. With increasing pressure from regulators in Europe and beyond, OKX must improve its practices to avoid further penalties and damage to its reputation.
