OKX Fined €2.25 Million for Unregistered Crypto Services in Netherlands

OKX, a global cryptocurrency trading firm, was fined €2.25 million ($2.6 million) by the Dutch National Bank (DNB) for providing crypto services in the Netherlands without registration. Key points include:

The fine covers the period from July 2023 to August 2024, before the EU's Markets in Crypto Assets regime took effect.
The Netherlands required crypto firms to register with DNB starting in early 2020 to comply with anti-money laundering regulations.
Other exchanges, such as Crypto.com and Kraken, have faced similar fines for registration failures.
An OKX representative stated that the issue has been resolved and had no impact on customers.
The fine was reduced due to steps taken by OKX to comply, including migrating Dutch users to a licensed European entity.