OKX Faces $2.6 Million Penalty for Operating in Netherlands Without Registration

Crypto exchange OKX has been hit with a substantial fine of €2.35 million ($2.6 million) by the Dutch National Bank (DNB) for operating without proper registration. The DNB penalized OKX for failing to comply with the country’s anti-money laundering regulations between May 2022 and July 2022, allowing users in the Netherlands to trade cryptocurrencies without being registered. This move by the DNB underscores the importance of regulatory compliance in the cryptocurrency industry, as operating without registration poses serious risks regarding money laundering and terrorist financing.