- Past fines include €4 million for Kraken and €2.85 million for Crypto.com.
- In April 2025, OKX was also fined €1.1 million in Malta.
- A $504 million settlement keeps OKX under supervision until 2027.
The decision by the Dutch central bank to fine OKX €2.25 million is more than a regulatory warning — it reflects how European authorities are applying a retrospective standard to compliance.
The fine covers services offered without registration from July 2023 through August 2024, a period before the Markets in Crypto-Assets Regulation (MiCA) took effect.
By targeting past activity, regulators are making it clear that crypto exchanges can be held accountable for historical practices, even if they now hold licenses under Europe’s new framework.
Past actions remain under close scrutiny
Since 2020, the Netherlands has required crypto service providers to register under its anti-money laundering rules.
OKX, which operated without approval during parts of that period, was found to be in breach. The Dutch central bank (DNB) said such violations “will not be tolerated.”
The Netherlands has taken similar measures against other major exchanges.
Kraken paid €4 million and Crypto.com paid €2.85 million for providing unregistered services.
These fines, including the latest penalty for OKX, demonstrate that enforcement is being applied retroactively and that regulators will not let historical breaches lapse as the industry adjusts to new rules.
Global penalties highlight compliance gaps
OKX has also faced penalties in multiple jurisdictions. In April 2025, its European arm was fined €1.1 million in Malta over anti-money-laundering shortcomings identified two years earlier.
The company later secured MiCA authorization after reviewing and updating its compliance processes.
Earlier in 2025, OKX agreed to a $504 million settlement in the United States.
It acknowledged operating as an unlicensed money transmitter and processing illicit transactions.
The settlement requires OKX to operate under strict oversight through 2027, including the appointment of an independent compliance monitor.
These penalties show a consistent pattern: regulators are probing earlier operations and insisting on conformity with current standards.
For exchanges, that means fines can arrive years after the initial violations, creating prolonged uncertainty.
The Dutch case framed as a “legacy” matter
OKX, legally known as Aux Cayes Fintech Co., described the Dutch action as a “legacy matter” and said the issues have already been addressed.
Dutch customers were migrated to its MiCA-licensed European entity, and the firm emphasized that the fine would not affect clients’ services.
The DNB’s penalty was smaller than fines imposed on some other exchanges, with the regulator noting OKX’s cooperation.
Still, the actions reinforce a broader trend: exchanges cannot comply only with today’s rules while disregarding past practices.
An era of enforcement in Europe under MiCA
The timing of the Dutch review matters. MiCA is now active across Europe and requires exchanges to register, meet reporting obligations, and undergo stronger anti-money‑laundering scrutiny.
Even as OKX and other firms obtain licenses, regulators continue to press on earlier breaches.
This signals the end of a “operate now, register later” approach; exchanges are learning that legacy operations carry risks long after new frameworks arrive.
The Netherlands’ stance suggests other European regulators may follow suit, reviewing past activities while enforcing current requirements.