The Dutch National Bank fined OKX $2.6 million for operating in the Netherlands without registration before the EU’s MiCA rules took effect.
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The Dutch National Bank (DNB) imposed a fine of 2.25 million euros ($2.6 million) on crypto exchange OKX for operating in the country without registering with the regulator.
According to a Wednesday DNB , the fine pertains to a period from July 2023 to August 2024, before the introduction of the . Local regulators requiring crypto firms to register with the local central bank for Anti-Money Laundering (AML) purposes in early 2020.
An OKX spokesperson told Cointelegraph that the company is “pleased to have resolved this matter” and “maintains that OKX did not actively target Dutch customers during the period in question.” The representative also highlighted that the fine “does not apply to, nor concern, our MiCAR-licensed entity, Okcoin Europe,” and that the Netherlands remains an important market for the firm.
Similar fines were previously issued against some of OKX’s competitors. In March of last year, reports revealed that the for more than two years.
In 2022, , for the same reason, and it . In 2023, .
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Not the sole fine for OKX
OKX, holding a MiCA license, won’t be leaving the Netherlands due to the fine, as it is now legally authorized to operate in the country. Still, it is not the only jurisdiction where the exchange has found itself in trouble in recent times.
OKX was under regulatory scrutiny in Europe in early April after the . The 1.1 million euros ($1.2 million) fine came as local authorities noted that they “could not ignore” the exchange’s compliance failures from 2023, “some of which were deemed to be serious and systematic.”
OKX was also among the 10 crypto exchanges that the for operating without the required authorization early last month. In its alert, the regulator warned that the platforms continued to offer or promote crypto services to Philippine users despite lacking the necessary registration.
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The Netherlands hosts ever more crypto innovation
The Netherlands has recently seen new crypto initiatives announced with higher frequency. Last month, Dutch cryptocurrency service provider Amdax said it was preparing to . The company announced that multiple investors had for Amdax’s Bitcoin.
The Dutch Authority for Financial Markets also at the end of June.
The government asked last October that would require crypto service providers, such as exchanges, to collect and share user data with the local tax authorities.
The rapidly evolving environment appears to be attracting corporate attention. Last September, major crypto exchange Kraken announced the closing of its Coin Meester acquisition, one of the Netherlands’ oldest registered crypto broker firms, to .
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