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Malta Issues $1.2 Million Fine to OKX for Past AML Failures amid MiCA License
Cryptocurrency exchange OKX is under regulatory scrutiny in Europe after Maltese authorities issued a fine for violations of Anti-Money Laundering (AML) laws. On April 3, Malta’s Financial Intelligence Analysis Unit (FIAU) announced that it had fined OKX’s Europe-based arm, Okcoin Europe, 1.1 million euros ($1.2 million) for multiple AML failures detected in 2023, Cointelegraph reported.In January 2025, OKX received a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation. The license allows OKX to offer regulated services to over 400 digital asset users across Europe. However, the FIAU’s fine shows that the MiCA license does not protect the company from accountability for past compliance failures.OKX’s 2023 AML Failures Draw ScrutinyThe FIAU said that while OKX had improved its AML policies over the past 18 months, it could not overlook the serious and systematic compliance failures from 2023. These issues were identified during an examination of OKX’s business risk assessment (BRA), which failed to adequately assess money laundering risks. The authority highlighted deficiencies in the BRA’s methodology, including the inability to manage risks related to cryptocurrency mixers, privacy coins, stablecoins, and decentralized exchanges.EU Probes OKX Over Bybit HackThe FIAU also raised concerns about Okcoin Europe’s exposure to money laundering risks from other jurisdictions, despite the company’s pledge to only serve European customers. The regulator emphasized the importance of considering potential risks from the sources of customer funding.OKX did not respond to a request for comment on whether the exchange admitted to the violations. A spokesperson for the exchange stated that it remains focused on "building a secure, transparent, and compliant platform" for users worldwide.The fine from Malta follows other reports of regulatory investigations into OKX. In March, Bloomberg reported that EU regulators were probing OKX over its potential involvement in laundering $100 million in funds from the Bybit hack. Bybit’s CEO claimed that OKX’s Web3 proxy enabled hackers to launder a portion of the stolen funds. OKX denied the allegations, calling them misinformation. This article was written by Tareq Sikder at www.financemagnates.com.
Cryptocurrency exchange OKX is under regulatory scrutiny in Europe after Maltese authorities issued a fine for violations of Anti-Money Laundering (AML) laws.
On April 3, Malta’s Financial Intelligence Analysis Unit (FIAU) announced that it had fined OKX’s Europe-based arm, Okcoin Europe, 1.1 million euros ($1.2 million) for multiple AML failures detected in 2023, Cointelegraph reported.
In January 2025, OKX received a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation. The license allows OKX to offer regulated services to over 400 digital asset users across Europe. However, the FIAU’s fine shows that the MiCA license does not protect the company from accountability for past compliance failures.
OKX’s 2023 AML Failures Draw Scrutiny
The FIAU said that while OKX had improved its AML policies over the past 18 months, it could not overlook the serious and systematic compliance failures from 2023. These issues were identified during an examination of OKX’s business risk assessment (BRA), which failed to adequately assess money laundering risks.
The authority highlighted deficiencies in the BRA’s methodology, including the inability to manage risks related to cryptocurrency mixers, privacy coins, stablecoins, and decentralized exchanges.
EU Probes OKX Over Bybit Hack
The FIAU also raised concerns about Okcoin Europe’s exposure to money laundering risks from other jurisdictions, despite the company’s pledge to only serve European customers. The regulator emphasized the importance of considering potential risks from the sources of customer funding.
OKX did not respond to a request for comment on whether the exchange admitted to the violations. A spokesperson for the exchange stated that it remains focused on "building a secure, transparent, and compliant platform" for users worldwide.
The fine from Malta follows other reports of regulatory investigations into OKX. In March, Bloomberg reported that EU regulators were probing OKX over its potential involvement in laundering $100 million in funds from the Bybit hack. Bybit’s CEO claimed that OKX’s Web3 proxy enabled hackers to launder a portion of the stolen funds. OKX denied the allegations, calling them misinformation. This article was written by Tareq Sikder at www.financemagnates.com.
