TLDR:
- Dutch Central Bank fined OKX operator Aux Cayes FinTech €2.25M for offering crypto services without registration.
- The penalty covers unlicensed operations from July 2023 to August 2024, according to the regulator’s official notice.
- DNB said the lack of registration increased risks for Dutch crypto users and created unfair competition with licensed firms.
- The fine signals strict Dutch enforcement as Europe prepares for MiCA rules governing digital asset platforms.
Dutch authorities have cracked down on a major exchange once again.
The Dutch Central Bank has issued a multi-million euro fine against OKX, citing unauthorized operations. The regulator said the platform offered crypto services without proper registration. This case highlights growing enforcement in Europe’s digital asset sector. The penalty covers activity over more than a year.
OKX Crypto Exchange Faces Regulatory Penalty
The Dutch Central Bank confirmed that Aux Cayes FinTech Co. Ltd, the entity behind OKX, was fined €2.25 million.
According to the regulator’s statement, the company offered crypto services in the Netherlands between July 2023 and August 2024 without a license. Besides, the bank said the exchange violated national laws requiring registration for crypto service providers.
That requirement applies to all platforms offering custody, trading, or fiat-crypto transfers. The regulator said operating outside the law gives exchanges an unfair advantage over registered firms.
The decision also emphasized consumer protection. Without registration, DNB said, users face increased risk of fraud or misuse of funds. This was the main reason for the penalty being issued.
The fine reflects the seriousness of unlicensed activity. Dutch authorities confirmed they considered both the scale of services and the duration of non-compliance.
Impact on Crypto Operations and Regulation
According to the official release, the unlicensed activity ran for more than a year. The fine applies to this entire period of operations. DNB clarified that the decision followed earlier warnings and ongoing monitoring of crypto platforms.
The regulator has taken similar actions against other exchanges in the past. This case signals that enforcement remains a priority. DNB stressed that foreign companies must comply if they want to serve Dutch users.
For OKX, the €2.25 million penalty adds regulatory pressure at a time when global exchanges face tighter oversight. The company will have the right to appeal the decision. However, the Dutch regulator confirmed that enforcement will continue where rules are ignored.
This development underscores how regulators in Europe are enforcing compliance ahead of the EU’s Markets in Crypto-Assets (MiCA) framework. The new rules are set to reshape crypto operations across the bloc.
The post OKX Slammed With €2.25M Fine by Dutch Regulator: Here’s Why appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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