OKX Hit With $2.6 Million Fine for Operating Without License in Netherlands

OKX Fined €2.25 Million In Netherlands Over Unregistered Operations

Crypto exchange OKX has been hit with a €2.25 million ($2.6 million) fine by the Dutch central bank (DNB) for offering services in the Netherlands without proper registration from July 2023 to August 2024.

Under Dutch law, all crypto firms must register under the Anti-Money Laundering framework introduced in 2020, ensuring they meet similar compliance standards as traditional banks.

The DNB stressed that operating without approval “will not be tolerated,” signalling zero tolerance for firms bypassing regulatory requirements.

Europe Tightens Rules As MiCA Comes Into Force

This fine places OKX alongside other major exchanges that faced penalties in the Netherlands, including Crypto.com (€2.85 million ($3.1 million)) and Kraken (€4 million ($4.4 million)).

The enforcement comes as Europe’s Markets in Crypto-Assets Regulation (MiCA) begins full implementation, leaving little room for exchanges to operate in regulatory grey areas.

The message is clear: European authorities are now scrutinising both ongoing operations and past compliance missteps.

A History Of Regulatory Challenges

OKX has faced regulatory issues globally.

In April 2025, its European arm in Malta was fined €1.1 million ($1.21 million) for AML shortcomings in 2023, before obtaining MiCA approval.

In the United States, OKX agreed to a record $504 million settlement in early 2025 after admitting to operating as an unlicensed money transmitter and processing illicit transactions.

The company is now under strict oversight and must employ an independent compliance consultant until 2027.

OKX Calls Fine A “Legacy Matter Resolved”

A spokesperson for OKX, officially Aux Cayes Fintech Co., sought to downplay the penalty.

“This was a legacy registration matter that has already been resolved. Dutch customers have been migrated to our fully MiCA-licensed European entity.”

The company emphasised that the fine had “no impact on customers” and noted that the DNB had imposed the lowest penalty ever against a major exchange, recognising OKX’s cooperation.

Does This Signal A New Era For Crypto Compliance In Europe

Coinlive notes that for OKX and other large exchanges, Europe’s regulatory environment has clearly shifted.

The period of operating first and registering later is effectively over.

With stricter licensing, reporting standards, and AML checks under MiCA, exchanges must now balance growth ambitions with robust compliance.

While OKX has managed to navigate past fines, questions remain over whether it can sustain operations without recurring regulatory challenges, especially as authorities increasingly pursue historical non-compliance.