OKX, officially Aux Cayes Fintech Co., was fined €2.25 million ($2.6 million) by the Dutch National Bank for offering crypto services in the Netherlands without registering. The penalty covers the period from July 2023 to August 2024.
The regulator said the firm had not been on the Dutch register that links crypto firms to national anti-money laundering rules. The case predates the start of the EU Markets in Crypto Assets regime, known as MiCA.
Fine and Timing
The DNB imposed the fine after reviewing the firm’s activities in the stated period. The bank has enforced similar rules since early 2020, when the Netherlands began requiring crypto companies to register under its anti-money laundering law, the Wwft.
The DNB has taken action against other exchanges in recent years, and Crypto.com was fined €2.85 million, and Kraken faced a €4 million penalty.
An OKX representative said the issue was a legacy registration matter that has already been fixed. The company said the fine did not affect customers, and OKX also noted the penalty was the smallest the DNB has issued to a major exchange and that the amount was reduced because of steps the firm took.
Those steps included moving Dutch users to its European unit that holds a MiCAR license. OKX said it has resolved the matter and will keep working on compliance across Europe.
Regulatory Background
Dutch rules aim to bring crypto firms in line with standard anti-money laundering checks. Firms must register with DNB to operate in the country. The DNB has fined multiple platforms for failing to meet these rules, and regulators across the EU are moving toward clearer standards.
MiCA sets a new legal layer for crypto services, but DNB’s rules were already in force for several years before MiCA took effect.
Product Moves and Customer Offers
OKX and other exchanges have continued to expand product options. The company has joined Coinbase in offering services that help Australians put digital assets into their Self-Managed Superannuation Funds. The idea is to make it easier to add crypto to pensions by handling custody, keeping records, and linking customers with accountants and lawyers.
In August 2025, we reported that OKX also made Apple Pay available on its European site. The firm said the payment method now supports one-click buys for users in the US and the European Economic Area. OKX CEO Star shared the news in a post, highlighting the smoother payment flow for customers.
What does This Mean for Large Players?
When operational across borders, larger publicly listed companies and major crypto platforms are often subject to more stringent scrutiny. Regulators demand to monitor the movements and the operators of the service.
Also Read: OKX Launches Seamless PayPal Integration Allowing Instant Crypto Purchases Across European Users
Failure to comply with the registration requirements exposes the firm to fines and public disclosures. This often leads to the user of the firm being transferred to unlicensed units or the implementation of more rigid controls.
The fines show that the authorities mean business in enforcing the regulations, as opposed to issuing them.
Risks and Business Choices
Acting now is beneficial for companies because it may help them avoid larger fines in the future. However, transferring users or changing operational flows may hinder growth.
Enterprises must take into account the cost of compliance against the value of expansion for the offered products. For users, the changes may enhance the level of protection available to them as consumers.
For the companies, however, it increases the volume of documentation as well as supervision needed. Companies like OKX are more likely to continue satisfying their legal and compliance teams as they grow in Europe and other neighbouring regions.
Several Crypto Firms Hit With Fines and Penalties
A string of recent penalties has hit major crypto firms and fintechs. In January, we reported that HDR Global Trading Limited, the parent of exchange BitMEX, was sentenced to two years of unsupervised probation and ordered to pay a $100,000,000 fine by a federal judge.
In April 2025, Revolut, the UK fintech valued at $45,000,000,000, was fined €3,500,000 by Lithuanian regulators over gaps in its anti-money laundering controls.
The Australian Federal Court fined Bit Trade, the local operator of Kraken, 8,000,000 Australian dollars, about $5,100,000.
De Nederlandsche Bank fined ByBit €2,300,000 for alleged unregistered crypto activity. These actions come as regulators step up oversight of crypto and fintech firms.
The fine is modest compared with some past penalties, yet it underlines a steady trend. Regulators are enforcing long-standing rules while new EU laws come into effect.
Exchanges that operate in many markets will need clear structures. They must decide which entity serves each region and how to handle customer records and custody.
Also Read: OKX Upgrades X Layer, Phases Out OKT & Fixes OKB Supply Making The Token Rally 133%