The Dutch Central Bank (DNB) has fined the cryptocurrency exchange OKX €2.25 million ($2.6 million) for operating in the country without registering with the regulatory authorities.
According to DNB's announcement on Wednesday, the fine pertains to the period from July 2023 to August 2024, which is before the implementation of the EU's Markets in Crypto-Assets (MiCA) framework. Local regulators have required crypto companies to register with the central bank for anti-money laundering (AML) purposes since early 2020.
An OKX spokesperson told Cointelegraph that the company is "pleased to have resolved this issue" and "maintains that OKX did not actively target Dutch customers during the relevant period." The representative also emphasized that the fine "does not apply to or involve our MiCAR licensed entity Okcoin Europe," noting that the Netherlands remains an important market for the company.
Previously, DNB had issued similar fines to some of OKX's competitors. In March of last year, reports indicated that DNB fined Crypto.com for operating without registration for over two years.
In 2022, DNB fined Binance, the world's largest cryptocurrency exchange, for the same reason, after which the latter exited the market. In 2023, Coinbase was also fined for similar reasons.
OKX, which holds a MiCA license, will not leave the Netherlands due to this fine, as it has now obtained authorization to operate legally in the country. However, this is not the only recent case where the exchange has faced troubles in other jurisdictions.
In early April, after the Maltese authorities fined OKX for violating local AML rules, the exchange came under regulatory scrutiny in Europe. The €1.1 million ($1.2 million) fine was due to local authorities noting that they "could not overlook" the exchange's compliance failures in 2023, "some of which were considered serious and systemic."
At the beginning of last month, OKX was also one of ten cryptocurrency exchanges warned by the Philippine Securities and Exchange Commission for operating without the required authorization. In its alert, the regulator warned that these platforms continued to offer or promote crypto services to Philippine users despite lacking the necessary registration.
The Netherlands has recently announced new crypto initiatives with increasing frequency. Last month, Dutch cryptocurrency service provider Amdax announced it is preparing to launch a Bitcoin treasury company on the Amsterdam Pan-European Exchange. The company stated that several investors have committed approximately $23.3 million in Amdax's first round of financing.
The Dutch Authority for the Financial Markets also granted a MiCA license to local crypto exchange Bitvavo at the end of June.
The government requested public feedback on proposed legislation last October, which would require crypto service providers (such as exchanges) to collect user data and share it with local tax authorities.
The rapidly evolving environment seems to be attracting business interest. In September of last year, major crypto exchange Kraken announced the completion of its acquisition of Coin Meester, one of the oldest registered crypto brokerage firms in the Netherlands, to expand its operations in the country.
Related: Chainalysis: The U.S. rises to second place in cryptocurrency adoption rates, with the Asia-Pacific region growing the fastest.
Original: “OKX Fined $2.6M by Dutch Central Bank for Operating Without License Before MiCA Implementation”
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