OKX fined $2.6m by the Netherlands central bank
Cryptocurrency exchange OKX has received a fine of 2.25 million euros from the Dutch National bank for offering crypto service without registering to the central bank.
- OKX was hit with a $2.6 million fine that came from a period when the exchange was offering services in the Netherlands without registering with local regulators.
- The crypto exchange secured a full MiCA license in February 2025 when it expanded into 28 European states.
The fine covers a period of operations when the exchange offered services in the Netherlands before the introduction of Europe’s Markets in Crypto Assets or MiCA framework, as stated by a press release. The violation applies to OKX (OKB) during the period between July 2023 to August 2024.
“This fine relates to a legacy registration matter that has long since been remediated, with no impact on customers,” said the platform’s representative to media outlet CoinDesk via email.
The spokesperson claimed that the $2.6 million fine is considered “the lowest fine” issued by DNB against major crypto exchanges. This is because the crypto exchange has already taken steps to acquire a MiCA license so that it could operate in the EU.
“We’re pleased to have resolved this matter and remain focused on building compliant, secure services across Europe and beyond,” wrote the spokesperon.
Before MiCA came into effect, crypto firms operating in the Netherlands had to abide by national rules. One of the laws in place required crypto service providers to register with the central bank, De Nederlandsche Bank.
The Dutch transition to full MiCA compliance involved moving from DNB registrations to granting crypto firms a CASP license. Registered firms were given a transitional period to comply with the new EU-wide MiCA requirements.
This is not the first time OKX has received a fine from European authorities. In April 2025, exchange had to pay a 1.1 million euros ($1.2 million) to Malta’s Financial Intelligence Analysis Unit for failing to comply with the nation’s Anti-Money Laundering standards.
OKX’s expansion into the Netherlands
In 2024, OKX’s venture into the Netherlands started after the exchange rebranded itself from operating as Okcoin Europe Ltd to OKX in April 10. Then in June, it shared that it would officially launch in the Netherlands, supporting more than 150 cryptocurrencies and 60 crypto-euro trading pairs.
In addition to the CEX platform, the firm also launched a self-custodial web3 wallet, called OKX Wallet, for its Dutch users. At the time, OKX Europe general manager Erald Ghoos had claimed that OKX holds a “a crypto service provider registration with De Nederlandsche Bank (DNB) and a virtual financial asset service provider license in Malta.”
This could mean that the failure to register with the central bank is a carry-over fine from when the exchange was still operating in the region as Okcoin Europe.
In January 2025, the platform became one of the first crypto exchanges to secure pre-authorization to expand services in Europe under the MiCA framework. Around a month later, the exchange announced that it has obtained a full MiCA license, allowing the firm to offer crypto services across 28 European Economic Area states.
