Global cryptocurrency trading company OKX has been fined 2.25 million euros ($2.6 million) by the National Bank of Dutch (DNB) for providing crypto services in the Netherlands without registering with financial regulators.
According to a press release, the fines for companies whose official name is Aux Cayes Fintech Co. are related to the period between July 2023 and August 2024.
The Netherlands began requiring crypto companies to register with DNB in early 2020, bringing digital assets in line with the country’s Money Laundering Rules (WWFT). The bank has punished several crypto exchanges for similar shortcomings, including Crypto.com, which was fined 2.85 million euros, and Kraken, who had to pay 4 million euros.
“The fine is related to the legacy registration issue that has long been improved without affecting customers,” an OKX representative said in an email. The fines were “the lowest fine issued by DNB for large exchanges, and reduced in recognition of the measures we took, including moving Dutch users to completely tiny European entities. We are focusing on solving this issue and building a secure service that is compliant with Europe and beyond.”
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