OKX receives millions fine in the Netherlands due to missing registration

The Dutch bank supervisor has once again blamed a large international crypto-excursion. This time it is OKX, one of the larger players worldwide. The company offered crypto services in the Netherlands between July 2023 and August 2024, but was not registered with De Nederlandsche Bank (DNB) during that period.

DNB speaks of serious violation

OKX, officially aux cayes fintech co., has to pay 2.25 million euros. Converted, it concerns around 2.6 million dollars. According to the supervisor, the Exchange violated the registration obligation, which has been in place since 2020 to parties who are active in the Netherlands. This obligation must prevent criminals from using cryptocurrencies to launch money or to finance terrorism.

The DNB says it is a “serious violation”, although the final fine has turned out to be lower than with some competitors. For example, Crypto.com was fined 2.85 million euros last year and Kraken even had to pay 4 million euros.

OKX says in a response that it is an old case that has since been resolved. “This fine relates to a registration issue that has long been remedied and had no impact on customers,” writes a spokesperson in an e-mail. The company emphasizes that Dutch customers have since migrated to a European entity that operates entirely under the new MICA rules.

Mica brings European rules together

Those mica regulations, in full markets in crypto assets, was introduced in the entire European Union in 2024. The goal was a harmonized system of rules, so that providers and customers in all Member States were confronted with the same conditions and protection.

Since that introduction, the playing field for crypto companies has changed radically. Exchanges must now comply with stricter standards, which ensures more transparency and safety for users. At the same time, this can lead to smaller parties disappear and the market is more owned by a few large players who can meet the extensive requirements. These developments make it clear that regulation will play an increasingly important role in the future of the crypto sector.