OKX Fined $2.6M for Unlicensed Crypto Operations in the Netherlands

Highlights:

• Before MiCA, OKX received a fine of 2.6M in the Netherlands because of providing unregistered services.
• The penalty applies to activities conducted between July 2023 and August 2024.
• OKX has also received a license under MiCA and remains active in the Dutch market.

The Dutch central bank has fined crypto exchange OKX for carrying out activities without appropriate registration. The fine comes at a time when the exchange is expanding its presence in Europe under the new MiCA framework.

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OKX Fined for Past Operations in the Netherlands

According to DNB, the penalty amounts to 2.25 million euros, equivalent to $2.6 million. The violation happened between July 2023 and August 2024, according to regulators. During this time, OKX provided unregistered crypto services. Under Dutch law, providers needed to register with the central bank as part of anti-money laundering compliance.

🚨🇳🇱 BREAKING: OKX slapped with a $2.6M fine in the Netherlands for operating without registration at the Dutch National Bank (DNB).

Regulators tightening grip on global crypto exchanges 👀#CryptoNews #OKX #Regulation #Netherlands pic.twitter.com/dAuEj8Uu8u

— Tech Ranjan Crypto (@TRanjanofficial) September 3, 2025

According to regulators, the fine marks the lowest level taken against major crypto exchanges. Authorities pointed out that OKX had already taken steps to obtain a MiCA license.

A spokesperson said:

“This is a fine over a legacy registration problem that was previously remediated and not relevant to customers.”

Expansion Under MiCA Despite Regulatory Fine

In April 2024, OKX changed its name to OkX after being formerly known as Okcoin Europe Ltd. Shortly afterwards, the exchange announced its official launch in the Netherlands. Furthermore, the platform supported more than 150 cryptocurrencies and 60 trading pairs involving crypto-euros.

In January 2025, the company became one of the first exchanges to receive pre-authorization under the MiCA framework. In February, it was fully licensed to operate in 28 European states. Moreover, this license enables the company to generate compliant services for the European Economic Area.

The company emphasized that the fine did not concern its licensed company, Okcoin Europe. OKX stated that it did not actively pursue Dutch customers during the unregistered period. However, before MiCA, regulators demanded that services be registered at the local level under national laws.

Other Fines and Regulatory Scrutiny in Europe

This has not been the only regulatory issue tied to the exchange. In April 2025, the Maltese Financial Intelligence Analytical Office (FIAU) fined OKX 1.1 million euros. Officials said that the company had failed to meet anti-money laundering requirements in 2023. Regulators said they “could not overlook” problems of non-compliance, some of which were systemic.

According to Bloomberg, OKX has been fined €1.1 million (~$1.2 million) by Malta’s Financial Intelligence Analysis Unit (FIAU) for violating anti-money laundering regulations. The penalty follows an April 2023 on-site compliance inspection, which revealed multiple…

— Wu Blockchain (@WuBlockchain) April 4, 2025

Similar actions were also undertaken against other crypto exchanges in the Netherlands. Cryptocurrency exchanges such as Binance, Coinbase, and Crypto.com were all fined in the past years due to non-registration. Unlike Binance, which eventually withdrew from the market, OKX now holds a full MiCA license, which means it operates within legal bounds.

OKX also had restrictions in Asia. In early 2025, the Securities and Exchange Commission of the Philippines advised its users not to use the exchange. Moreover, regulators cited that OKX and several other platforms didn’t have the proper authorization to operate in the country. Meanwhile, crypto activity in the Netherlands continues to grow. Local exchange Bitvavo recently received a MiCA license. In addition, Dutch company Amdax announced plans to launch a Bitcoin treasury company on Euronext in Amsterdam.

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