Dutch regulator fines OKX €2.2 mil. for offering unregistered crypto services

The Dutch Central Bank (DNB) has fined crypto service provider Aux Cayes Fintech, which operates under the trade name OKX, 2.25 million euros. The company operated in the Netherlands providing crypto services from July 2023 to August 2024 without registering with the central bank, which is prohibited, leading the regulator to impose the fine on May 27.

The registration requirement was introduced on May 21, 2020, to oblige crypto service providers to report unusual transactions to the Dutch Financial Intelligence Unit (FIU-NL) and to enable supervision aimed at preventing money laundering and the financing of terrorism, due to the anonymity associated with digital currency transactions.

When determining the fine, DNB took into account the severity, scope, duration, and culpability of the violation. The final penalty was reduced because OKX took steps to address the breaches and prevent recurrence, including facilitating the transfer of Dutch customers to a registered group entity.

Since the introduction of the Markets in Crypto-Assets Regulation (MiCAR) on December 30, 2024, crypto service providers are required to obtain a license or notification from the Dutch Authority for the Financial Markets (AFM) or another European regulator. DNB’s fine concerns the period before MiCAR came into effect.

OKX has stated that the fine relates to a past registration issue that has now been resolved and that there was no impact on customers. The company emphasizes that Dutch customers have been migrated to a fully MiCAR-licensed European entity.

This fine follows previous sanctions against other crypto service providers, such as Crypto.com, which was fined 2.85 million euros in 2024, and Kraken, which had to pay 4 million euros, for similar violations of the registration requirement.