Crypto exchange OKX has been fined €1.05 million ($1.2 million) by Malta’s financial watchdog for failing to comply with anti-money laundering rules.
The fine was issued to OKCoin Europe, the exchange’s regional arm, after regulators found it had not adequately assessed the risks of money laundering and terrorism financing tied to its services.
These included products such as stablecoins, privacy-focused tokens, mixers, and decentralized exchange assets.
The violations were uncovered during a 2023 review, prompting OKX to make improvements to its compliance framework. The company stated that regulatory compliance is a top priority and that the issues have since been addressed.
Malta’s Financial Intelligence Analysis Unit (FIAU) also acknowledged OKX’s significant progress over the past year and a half. Despite the setback, OKX has recently secured a Markets in Crypto Assets (MiCA) license from Malta, which allows it to expand services across the European Union.
Still, scrutiny around the platform continues, with OKX recently suspending its decentralized exchange aggregator amid regulatory concerns linked to laundering funds from the Bybit hack.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
