Netherlands Hits OKX With $2.6M Fine Over MiCA Compliance Failures
The Dutch National Bank (DNB) has fined OKX $2.6 million (€2.25 million) for providing cryptocurrency companies with out registering.
The nice covers operations between July 2023 and August 2024, earlier than the EU’s Markets in Crypto Assets (MiCA) framework took impact.
Unregistered Before MiCA Was Introduced
The Bank confirmed that Aux Cayes Fintech Co., referred to as OKX, was fined for failing to register whereas offering crypto companies within the Netherlands. The penalty applies to actions earlier than MiCA turned enforceable and displays ongoing enforcement underneath the nation’s anti-money laundering framework (Wwft).
The Netherlands launched registration necessities for crypto platforms in 2020. Since then, a number of exchanges have been sanctioned. Crypto.com obtained a nice of $3.31 million (€2.85 million), and Kraken was required to pay $4.66 million (€4 million). These measures make sure that platforms providing digital belongings adjust to nationwide rules.
An OKX spokesperson famous that the nice pertains to a legacy registration problem that has been resolved. Dutch customers have been transferred to a European entity absolutely licensed underneath MiCA. The firm emphasised that the enforcement motion didn’t have an effect on buyer belongings.
The spokesperson added that the nice was lowered due to the steps taken to treatment the registration problem, making it the bottom nice imposed by the DNB on a major alternate.
The case illustrates the growing scrutiny of cryptocurrency corporations working in Europe. MiCA is designed to harmonize guidelines throughout the EU, aiming to enhance transparency and shopper safety whereas addressing potential monetary crime dangers within the digital asset sector.
As MiCA guidelines are carried out, exchanges working in a number of EU nations should align with native and regional rules. Non-compliance can lead to monetary penalties and regulatory motion, signaling that nationwide authorities are monitoring the market carefully.
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