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April

The Dutch National Bank (DNB) has fined crypto exchange OKX $2.6 million (€2.25 million) for operating in the Netherlands without proper registration.&nbsp;
According to the <a href="https://www.dnb.nl/algemeen-nieuws/handhavingsmaatregel-2025/boete-voor-aux-cayes-fintech-co-ltd-vanwege-het-van-juli-2023-tot-augustus-2024-zonder-de-wettelijk-vereiste-registratie-aanbieden-van-cryptodiensten-in-nederland/" target="_blank" rel="noopener noreferrer nofollow">regulator</a> on Wednesday, the penalty covers the period from July 2023 to August 2024, just before the European Union introduces its new Markets in Crypto-Assets (MiCA) framework.
Since 2020, all crypto companies in the Netherlands have been required to register with the central bank. The rule was created so that regulators could check for anti-money laundering, or AML, and to give more protection to customers.&nbsp;
OKX did not register with the bank during the time in question, and this is why the penalty was given. In response, OKX said it was “pleased to have resolved this matter” and also claimed it “did not actively target Dutch customers during the period in question.”&nbsp;
A spokesperson explained that the fine does not apply to, or involve, its MiCAR-licensed entity, Okcoin Europe, which is officially registered and legally allowed to operate in the Netherlands. OKX also said the Netherlands is still an important market for the company, and it plans to continue serving users there legally.
Meanwhile, this is not the first time the Dutch National Bank has taken action against a major crypto exchange. In March 2023, Crypto.com was fined for operating without proper registration.&nbsp;
Binance also received a penalty in 2022 for the same reason and eventually decided to exit the country. Coinbase was also fined by the Dutch regulator in 2023 after failing to register in line with the anti-money laundering rules.
Additionally, OKX has faced similar issues in other countries. In April 2024, regulators in Malta fined the exchange €1.1 million, or about $1.2 million, for breaking local AML rules.
In August 2024, the Philippines Securities and Exchange Commission also warned against OKX and nine other exchanges. The Philippine regulator said these companies were offering services to local customers without the proper license, which is required under local law.
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OKX Fined $2.6M by Dutch National Bank for Unlicensed Operations

The Crypto Times

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