Crypto Exchange OKX was fined 1.1 million euros ($1.2 million) by Malta’s Financial Intelligence Analytics Unit (FIAU) for violating the country’s anti-money laundering (AML) regulations.
OKX fined $1.2 million from Malta for money laundering violations
A statement from the FIAU said a penalty was imposed following an on-site compliance review in April 2023, revealing serious and systematic failures.
In the FIAU survey, OKX:
- The risk of money laundering related to the product could not be properly assessed.
- For approximately half of the reviewed files, the client skipped the risk assessment during acceptance.
- Transaction monitoring and external reporting were flawed.
OKX responded to the fines, stating that it is implementing a comprehensive compliance program, including technology upgrades and increased monitoring. The exchange also noted that it recognized FIAU’s relief efforts.
This latest fine adds to OKX’s growing regulatory challenges around the world.
- February 2025: OKX’s parent company will settle with US authorities for more than $500 million, as it did not register as a remittance business.
- In March 2025, the European Union is investigating OKX’s Web3 services following reports that hackers had washed $1.5 billion in BYBit Heist revenue. The exchange will later suspend some related services.
- March 2025: Thai securities regulators file criminal charges against OKX by operating without a license.
- January 2025: OKX was fined 304,000 euros by the Malta Financial Services Authority (MFSA) for its private regulations violation.
*This is not investment advice.
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