OKX Faces $2.6 Million Penalty from Dutch National Bank for Unlicensed Operations

The Dutch National Bank (DNB) has issued a $2.6 million penalty to cryptocurrency exchange OKX for operating in the Netherlands without proper registration. The fine, effective from July 2023 to August 2024, coincides with the European Union’s upcoming implementation of its new Markets in Crypto-Assets (MiCA) framework. All crypto companies operating in the Netherlands are mandated to register with the central bank since 2020, to facilitate anti-money laundering checks and provide customers with increased protection.