OKX Fined by De Nederlandsche Bank
OKX, a well-known cryptocurrency trading platform, has been hit with a hefty fine of €2.25 million (approximately $2.6 million) by De Nederlandsche Bank, the central bank of the Netherlands. This penalty stems from the platform offering crypto services within the country without securing the necessary registration required by national regulations before the implementation of the European Markets in Crypto Assets (MiCA) directive.
Details of the Infringement
According to a recent press release from the bank, the infringement occurred during a time frame extending from July 2023 until August 2024. An official spokesperson for OKX addressed the situation in an email to CoinDesk, emphasizing that the fine pertains to what is referred to as a “legacy registration issue” that has since been addressed and has had no adverse effects on its customer base.
The representative went on to highlight that the financial penalty is considered relatively modest, identifying it as “the lowest fine” imposed by the Dutch central bank on prominent cryptocurrency exchanges to date. This is particularly notable as OKX has proactively pursued a MiCA license to ensure its compliance for operations in the European Union. The spokesperson expressed their satisfaction with the resolution of the matter, reiterating the company’s commitment to providing compliant and secure services throughout Europe and beyond.
Transition to MiCA Compliance
Prior to the enforcement of the MiCA regulations, cryptocurrency enterprises in the Netherlands were required to comply with specific national laws, which mandated that service providers register with De Nederlandsche Bank. The transition to MiCA compliance involves a shift from these registrations to granting a Crypto Asset Service Provider (CASP) license. Existing registered firms were afforded a transitional period to meet the new EU-wide MiCA standards.
Previous Regulatory Issues
This recent fine is not a first for OKX regarding regulatory issues in Europe. In April 2025, the exchange was penalized with a €1.1 million ($1.2 million) fine by Malta’s Financial Intelligence Analysis Unit due to lapses in adherence to local Anti-Money Laundering protocols.
OKX’s Operations in the Netherlands
OKX’s foray into the Dutch market began in early 2024, when it transitioned from operating as Okcoin Europe Ltd to rebranding as OKX on April 10. By June 2024, the exchange had finalized its plans to officially operate in the Netherlands, offering support for over 150 cryptocurrencies along with 60 trading pairs in euro.
As part of its service offerings, OKX introduced a self-custodial web3 wallet named OKX Wallet, specifically for Dutch clients. During this rollout, Erald Ghoos, the firm’s general manager for Europe, noted that OKX was compliant with DNB registration requirements and held a virtual financial asset service provider license in Malta. This recent fine may be associated with the exchange’s operational phase as Okcoin Europe prior to its rebranding.
Future Developments
As of January 2025, OKX proudly announced that it became one of the first cryptocurrency exchanges to receive pre-authorization for expanding its services in Europe under the MiCA regulations. Shortly thereafter, the exchange disclosed it had secured a full MiCA license, thereby enabling it to provide crypto services across all 28 countries in the European Economic Area.
