Cryptocurrency alternate OKX is underneath regulatory scrutiny in Europe after Maltese authorities issued an advantageous for violations of Anti-Cash Laundering (AML) legal guidelines.
On April 3, Malta’s Monetary Intelligence Evaluation Unit (FIAU) introduced that it had fined OKX’s Europe-based arm, Okcoin Europe, 1.1 million euros ($1.2 million) for a number of AML failures detected in 2023, Cointelegraph reported.
In January 2025, OKX acquired a license underneath Europe’s new Markets in Crypto-Property (MiCA) regulation. The license permits OKX to supply regulated providers to over 400 digital asset customers throughout Europe. Nonetheless, the FIAU’s advantageous reveals that the MiCA license doesn’t defend the corporate from accountability for previous compliance failures.
OKX’s 2023 AML Failures Draw Scrutiny
The FIAU stated that whereas OKX had improved its AML insurance policies
over the previous 18 months, it couldn’t overlook the intense and systematic
compliance failures from 2023. These points had been recognized throughout an
examination of OKX’s enterprise danger evaluation (BRA), which didn’t adequately
assess cash laundering dangers.
The authority highlighted deficiencies within the BRA’s
methodology, together with the lack to handle dangers associated to cryptocurrency
mixers, privateness cash, stablecoins, and decentralized exchanges.
OKX faces new regulatory checks in Europe after being hit with a €1.1M advantageous by Malta’s FIAU for previous AML violations. Regardless of latest enhancements, previous missteps hang-out the crypto large 🌍💸 #CryptoNow #AML #OKX pic.twitter.com/p1ubGN8VpS
— CryptoNow (@crypnw) April 4, 2025
EU Probes OKX Over Bybit Hack
The FIAU additionally raised considerations about Okcoin Europe’s publicity
to cash laundering dangers from different jurisdictions, regardless of the corporate’s
pledge to solely serve European prospects. The regulator emphasised the
significance of contemplating potential dangers from the sources of buyer funding.
OKX didn’t reply to a request for touch upon whether or not the alternate admitted to the violations. A spokesperson for the alternate acknowledged that it stays centered on “constructing a safe, clear, and compliant platform” for customers worldwide.
The advantageous from Malta follows different stories of regulatory investigations into OKX. In March, Bloomberg reported that EU regulators had been probing OKX over its potential involvement in laundering $100 million in funds from the Bybit hack. Bybit’s CEO claimed that OKX’s Web3 proxy enabled hackers to launder a portion of the stolen funds. OKX denied the allegations, calling them misinformation.
This text was written by Tareq Sikder at www.financemagnates.com.
