Dutch regulator enforces penalties ahead of EU MiCA rollout
The Dutch National Bank (DNB) has imposed a €2.25 million ($2.6 million) fine on OKX for operating in the Netherlands without proper registration. The penalty covers the period between July 2023 and August 2024, prior to the enforcement of the European Union’s Markets in Crypto-Assets (MiCA) framework.
Registration breaches draw penalties
The DNB explained that crypto firms have been required to register with the central bank for Anti-Money Laundering (AML) oversight since 2020. OKX, however, continued offering services without the necessary approval during the cited period.
An OKX spokesperson responded, saying the company is “pleased to have resolved this matter” and stressed that “OKX did not actively target Dutch customers during the period in question.” The exchange also clarified that the fine “does not apply to our MiCAR-licensed entity, OKCoin Europe,” adding that the Netherlands remains a key market for the company.
Pattern of regulatory actions
The fine against OKX follows a series of similar cases. The DNB previously fined Binance in 2022, leading to the exchange’s exit from the Dutch market. Coinbase and Crypto.com also faced penalties for failing to comply with local registration requirements.
“Dutch regulators are sending a clear message that unlicensed operations will not be tolerated, especially with MiCA now providing a uniform EU framework,” said one European compliance expert.
Wider regulatory scrutiny
Beyond the Netherlands, OKX has faced regulatory pressure in other jurisdictions. In April, Maltese authorities fined the exchange €1.1 million ($1.2 million) for AML compliance failures. The Philippines Securities and Exchange Commission also issued a warning in August, accusing OKX and nine other exchanges of operating without authorization.
Dutch market grows despite fines
Despite enforcement actions, the Netherlands is emerging as a growing hub for crypto innovation. Local exchange Bitvavo recently received a MiCA license, while Amdax secured $23.3 million in funding to launch a Bitcoin treasury firm on Amsterdam’s Euronext. Meanwhile, Kraken expanded into the Dutch market through the acquisition of Coin Meester.
The OKX case underscores how Europe’s regulatory landscape is tightening, with MiCA aiming to provide clarity but also demanding stricter compliance from global exchanges.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.