OKX’s Europe Company, also known as OKCOIN Europe, a Crypto Exchange OKX subsidiary, was fined 1.05 million euros ($ 1.2 million) for Malta’s financial control agency on Thursday for violating the country’s money laundering rules.
The Financial Intelligence Analysis Unit (FIAU) said that the company could not evaluate money laundering and financing the risks of terrorism emanating from the products it offers and had violated parts of the prevention of the country of money laundering and the financing of terrorism regulations.
“Regulatory compliance is a priority for OKX, and we remain committed to comply with and overcome global regulatory standards,” OKX said in a statement.
The company also said that it had approached the gaps identified in its framework of compliance after the review of the 2023 authority. In the new notice, Fiau also praised the company to make significant improvements in the last 18 months.
OKX assured the coveted markets in the Crypto Assets License (MICA) of Malta earlier this year, which will allow him to offer cryptographic services throughout the European Union.
“The company was expected to evaluate the nature of the prevalent risks in the services it was offering,” said the authority in his notice.
Fiau said the exchange should evaluate the risks linked to the use of stablecoins, mixers that obscure the origins of transactions, privacy currencies, tokens designed for anonymity and chips in decentralized exchanges.
OKX recently temporarily suspended its decentralized exchange aggregator after the reports that European regulators had been looking at how it had been used to wash the funds of a recent Bybit exchange funds.
Bloomberg first reported the story.
