The Dutch National Bank (DNB) has imposed a fine of €2.25 million ($2.6 million) on cryptocurrency exchange OKX for operating in the Netherlands without proper registration. The violation occurred during the period from July 2023 to August 2024, prior to the implementation of the EU's Markets in Crypto-Assets (MiCA) framework.
According to the DNB, OKX offered crypto services in the Netherlands during this time without registering with the central bank, which was required under national anti-money laundering (AML) rules. An OKX spokesperson stated that the fine relates to a "legacy registration matter that has long since been remediated, with no impact on customers." The exchange emphasized that it did not actively target Dutch customers during the period in question and that the fine does not apply to their MiCA-licensed entity, OKCoin Europe.
OKX has since secured a full MiCA license in February 2025, allowing it to operate across 28 European Economic Area states. The spokesperson noted that this is "the lowest fine" issued by DNB against major crypto exchanges and expressed satisfaction with resolving the matter. This is not OKX's first regulatory penalty in Europe; in April 2025, it was fined €1.1 million ($1.2 million) by Maltese authorities for AML compliance failures.