OKX’s Europe company, also known as OKCoin Europe, faced a hefty fine of 1.05 million euros ($1.2 million) from Malta’s Financial Intelligence Analysis Unit (FIAU). The fine was due to the company’s failure to assess risks related to money laundering and terrorism financing associated with its products. The FIAU highlighted that OKX violated parts of Malta’s Prevention of Money Laundering and Financing of Terrorism Regulations. In response, OKX stated its commitment to regulatory compliance and mentioned improvements made to its compliance framework following a 2023 review. Over the past 18 months, the company has shown significant progress. OKX also secured the Markets in Crypto Assets license (MiCA) from Malta, allowing it to offer crypto services across the European Union. The FIAU emphasized the need for OKX to evaluate risks linked to stablecoins, mixers, privacy coins, and tokens on decentralized exchanges. Recently, OKX temporarily suspended its decentralized exchange aggregator amid concerns over its use in laundering funds from a hack on the Bybit exchange.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
