Crypto Change OKX Fined $2.6M in Netherlands for Failing to Register With Dutch Nationwide Financial institution
World cryptocurrency buying and selling agency OKX was fined 2.25 million euros ($2.6 million) by the Dutch Nationwide Financial institution (DNB) for providing crypto providers within the Netherlands with out having registered with the monetary regulator.
The superb on the corporate, whose official title is Aux Cayes Fintech Co., pertains to the interval July 2023 to August 2024, earlier than the introduction of Europe Union’s Markets in Crypto Belongings regime (MiCA), in line with a press launch.
The Netherlands began requiring crypto companies to register with the DNB in early 2020, bringing digital property consistent with the nation’s anti-money laundering guidelines (Wwft). The financial institution has punished a number of crypto exchanges for related shortcomings, together with Crypto.com, which was fined 2.85 million euros, and Kraken, which needed to pay 4 million euros.
“This superb pertains to a legacy registration matter that has lengthy since been remediated, with no affect on prospects,” mentioned an OKX consultant through electronic mail. The superb “is the bottom superb issued by DNB towards a significant trade and was decreased in recognition of the steps we took, together with migrating Dutch customers to our totally MiCAR-licensed European entity. We’re happy to have resolved this matter and stay targeted on constructing compliant, safe providers throughout Europe and past.”
