A fine of €2.25 million was levied by the Dutch National Bank (DNB) against Aux Cayes Fintech Co., operating under the brand name OKX, for providing cryptocurrency services in the Netherlands without the legally required registration under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). The period of non-compliance covered July 2023 through August 2024, predating the full implementation of the European Union’s Markets in Crypto-Assets framework (MiCA). The DNB initiated enforcement actions to align digital-asset platforms with established financial regulations and reduce gaps in oversight.
Regulatory requirements introduced by the Netherlands in early 2020 mandated anti-money laundering registration for all crypto firms operating within its jurisdiction. Previous enforcement actions by the DNB included fines of €2.85 million against Crypto.com and €4 million against Kraken for similar registration violations. The penalty imposed on OKX represents the lowest fine issued against a major exchange, reflecting cooperation and remediation efforts by the firm, including migration of Dutch users to a fully licensed European entity compliant with MiCA regulations.
Details from the DNB press release highlighted that the fine addressed a legacy registration matter that had been rectified prior to the enforcement notice. A spokesperson for OKX asserted that the company’s legacy compliance issues had been resolved with no impact on customer funds. The DNB acknowledged OKX’s proactive steps, including user migration and operational restructuring, in reducing the base amount of the fine.
The enforcement action signals a broader trend of retrospective application of regulatory standards across the European crypto sector. Firms active in multiple jurisdictions now face intensified scrutiny over historical compliance gaps. EU-wide adoption of MiCA will require all significant crypto service providers to hold valid registrations and meet ongoing reporting and capital requirements. Non-compliance risks include escalated fines, suspension of local operations, and reputational damage.
Market participants are advised to review registration statuses and engagement with the DNB and other European regulators to confirm ongoing compliance. The OKX case serves as a precedent for enforcement of anti-money laundering rules and the MiCA regime. Additional fines or operational constraints may follow for firms with unresolved legacy issues, reinforcing the importance of early alignment with emerging EU regulatory standards.
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