The OKX global cryptocurrency firm received a fine of 2.25 million euros ($ 2.6 million) By the Dutch National Bank (DNB) to offer cryptography services in the Netherlands without having registered in the financial regulator.
The company’s fine, whose official name is Aux Cayes Fintech Co., is related to the July 2023 until August 2024, before the introduction of Europe Union markets in the cryptographic asset regime (Mica)According to a press release.
The Netherlands began to demand the cryptographic companies to register with the DNB in early 2020, putting digital assets with the rules against Money washing in the country (WWFT). The bank has punished several encryption exchanges for similar deficiencies, including Crypto.com, which received a fine of 2.85 million euros, and Kraken, which had to pay 4 million euros.
“This fine is related to an inherited registration issue that has been remedied for a long time, without impact on customers,” said an OKX representative by email. The fine “is the lowest fine issued by DNB against an important exchange and was reduced in the recognition of the steps we take, including the migration of Dutch users to our European entity totally with Micar license. We are happy to have resolved this matter and continue focused on developing safe and fulfilled services throughout Europe and beyond.”
