OKX Pays €1.05 Million Fine for Money Laundering Violations in Malta
OKCoin Europe, a subsidiary of OKX, was fined €1.05 million ($1.2 million) by Malta's Financial Intelligence Analysis Unit (FIAU) for violating money laundering regulations.
- The FIAU found that OKCoin Europe failed to assess risks related to money laundering and terrorism financing from its products.
- The company was cited for breaches of Malta's Prevention of Money Laundering and Financing of Terrorism Regulations.
- OKX stated it prioritizes regulatory compliance and has improved its framework following a review in 2023.
- The FIAU acknowledged significant improvements made by the company over the past 18 months.
- Earlier this year, OKX obtained a Markets in Crypto Assets (MiCA) license, allowing it to provide crypto services across the EU.
- The FIAU highlighted the need for risk assessments associated with stablecoins, transaction mixers, privacy coins, and tokens on decentralized exchanges.
- OKX recently suspended its decentralized exchange aggregator amid investigations into potential fund laundering connected to a hack at Bybit.