By Paul O’Donoghue, principal correspondent
The Dutch National Bank (DNB) inflicted a fine of the Cryptocurrency OKX Cryptocurrency 2.25 million euros ($ 2.6 million) for the offer of services in the Netherlands without approval.
The DNB said that the OKX parent company, at Cayes Fintech Co, exchanged between July 2023 to August 2024 without registering with the guard dog.
“The fine was imposed because in the Cayes offered cryptography services in the Netherlands without the legally required registration with DNB”, ” The DNB said. “(This) is against the law.”
He added: “Without the registration requirement, it is less easy to monitor if the risk of criminal money flow is adequately discussed.”
“Among other factors, this meant that the cayes was unable to report unusual transactions to the financial-enhancement unit during the non-compliance period.”
The DNB added that OKX has since “ended non-compliance”.
In addition to OKX, the DNB has punished other major exchanges for similar failures. Crypto.com paid 2.85 million euros and Kraken paid 4 million euros for similar problems.
The bank said that it would not tolerate operations without approval. He also warned other platforms against the bypass of supervision.
OKX was sentenced to a fine in the Netherlands is the last regulatory problem
“This fine concerns an inherited question of registration,” OKX said in a statement. “(IT) has long been corrected. (There is) no impact on customers. ”
The company said that the DNB had expressed “the lowest fine of all time for a major exchange”. He said the penalty was “reduced in recognition of the measures we have taken.”
“We are delighted to have resolved this question. (We) remain focused on the conforming and secure construction services. ”
The penalty in the Netherlands is the last in a series of regulatory problems for OKX.
In April, Malta inflicted a fine of 1.1 million euros European for LMA violations.
While in February, OKX accepted a regulation of $ 504 million in the United States, it came after the company admitted that it had operated as a silver transmitter without license and treated $ 5 billion in suspicious transactions. The regulation obliges OKX to work under strict surveillance and to hire an independent consultant in accordance until 2027.
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