European regulators are sending a clear message to the cryptocurrency industry: the era of operating without a license is over.
This warning was recently underscored by the Dutch central bank, which levied a significant €2.25 million fine on the crypto exchange OKX. The penalty was for a period spanning from July 2023 to August 2024, during which OKX operated within the Netherlands without being properly registered under the nation’s anti-money laundering (AML) framework.
The move is part of a broader, more aggressive enforcement strategy across the continent. Other major exchanges like Kraken and Crypto.com have faced similar, multi-million-euro penalties in the Netherlands for the same type of violation. With the new Markets in Crypto-Assets (MiCA) regulation now in effect, European authorities are leaving no doubt that past compliance failures will not be overlooked, and there is little tolerance for exchanges operating in legal gray areas.
A Pattern of Global Regulatory Issues
The Dutch fine is not an isolated event but rather another chapter in OKX’s history of regulatory challenges around the world. In early 2025, the exchange agreed to a record $504 million settlement in the United States after admitting to operating as an unlicensed money transmitter and handling illicit transactions.
As part of that settlement, OKX is now under strict oversight and must use an independent compliance consultant for the next two years. Similarly, its European arm was fined €1.1 million in Malta a few months prior for AML shortcomings from 2023, though the company later secured MiCA approval after improving its processes.
These consistent actions from different regulatory bodies highlight a global trend: governments are demanding a new level of accountability and transparency from major crypto firms.
OKX’s Response and the New Reality
In a statement, OKX downplayed the fine, calling it a “legacy registration matter” that has already been resolved. The company also noted that Dutch customers have since been migrated to its new, fully MiCA-licensed European entity and that the fine had no impact on customers. They also claimed the penalty was the lowest ever imposed on a major exchange, a nod to their cooperation with the DNB.
Despite the company’s dismissive stance, the timing of the fine is highly significant. It addresses a period of non-compliance that occurred before the official implementation of the MiCA framework, demonstrating that regulators are reaching into the past to enforce future standards. For OKX and other exchanges, the grace period is definitively over.
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Source: https://coindoo.com/okx-fined-by-dutch-central-bank-for-operating-without-license/