The Dutch central bank (DNB) has fined cryptocurrency exchange OKX $2.6 million for providing services in the Netherlands without the required registration, adding to mounting regulatory challenges for the exchange across multiple jurisdictions.
Dutch Central Bank Issues Penalty
The DNB penalty covers the period between July 2023 and August 2024, prior to the enforcement of the European Union’s Markets in Crypto-Assets (MiCA) framework.
Regulators have required crypto companies to register locally since 2020 to comply with anti-money laundering (AML) laws under the country’s Money Laundering and Terrorist Financing (Prevention) Act (Wwft). During the period of non-compliance, OKX’s parent company, Aux Cayes Fintech Co., operated without authorization, preventing the platform from reporting suspicious transactions to the Financial Intelligence Unit-Netherlands.
Broader Enforcement Actions
The sanction follows a series of penalties levied against major global exchanges for similar violations. The DNB has previously fined Crypto.com €2.85 million, Kraken €4 million, Binance, and Coinbase for failing to register in accordance with Dutch AML rules. Binance ultimately exited the market after receiving its penalty.
The regulator stressed that operating without registration undermines oversight of illicit financial flows, warning other platforms against bypassing compliance obligations.
OKX Response
An OKX spokesperson described the fine as a “legacy registration matter” that has since been resolved. The exchange noted that Dutch customers have been migrated to its MiCAR-licensed entity, OKCoin Europe, which now allows it to operate legally in the Netherlands. The company emphasized that the fine is the smallest issued against a major exchange and was reduced due to corrective steps taken.
OKX also stated it had not actively targeted Dutch customers during the period in question and reaffirmed that the penalty does not concern its licensed European entity. The exchange reiterated that the Netherlands remains an important market.
Ongoing Regulatory Scrutiny
The Dutch action adds to a series of regulatory challenges faced by the exchange across multiple jurisdictions. Earlier this year, Maltese authorities fined OKX €1.1 million for AML breaches described as “serious and systematic.” More recently, the Philippines Securities and Exchange Commission issued a warning against OKX and nine other exchanges for operating without proper authorization.
Despite the fine, OKX’s MiCA license allows it to continue offering services in the Netherlands, differentiating it from competitors that were forced to withdraw. However, the series of sanctions highlights the intensifying regulatory scrutiny of crypto exchanges operating in Europe and beyond.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
Source: https://cryptodaily.co.uk/2025/09/okx-hit-with-26m-fine-in-dutch-crackdown-on-crypto-compliance