OKX has been fined $2.6 million by the Dutch central bank for offering crypto services in the Netherlands without required registration.
Key Takeaways
- Dutch National Bank fined OKX €2.25 million ($2.6 million) for operating without registration between July 2023 and August 2024.
- OKX claims the issue is resolved and related to its now-licensed MiCAR entity, Okcoin Europe.
- This is one of several regulatory penalties OKX has faced across multiple countries in 2025.
- Despite the fine, OKX continues to operate legally in the Netherlands under EU’s MiCA regime.
What Happened?
Crypto exchange OKX was hit with a $2.6 million fine by the Dutch National Bank (DNB) for offering services in the Netherlands without meeting registration requirements. The penalty covers a 13-month period prior to the European Union’s MiCA regulations coming into effect. The company has since corrected the issue by migrating Dutch customers to its registered European platform.
🚨🇳🇱 Exclusive: Crypto exchange OKX has been fined $2.6M in the Netherlands for failing to register with the Dutch National Bank. @IanAllison123 reports. pic.twitter.com/2BB4C1nt9W
— CoinDesk (@CoinDesk) September 3, 2025
Dutch Authorities Crack Down on Crypto Oversight
The DNB’s fine targets the operations of Aux Cayes Fintech Co., OKX’s legal entity, which served Dutch users between July 2023 and August 2024. Under Dutch law, any crypto firm offering services must register with the DNB to comply with anti-money laundering (AML) rules enacted in 2020. OKX’s failure to do so violated these local financial regulations.
Other major exchanges have also faced similar enforcement actions:
- Crypto.com was fined €2.85 million for unlicensed operations.
- Kraken was fined €4 million.
- In 2022, Binance was fined and later exited the Dutch market.
- Coinbase faced similar regulatory action in 2023.
While OKX’s fine was the smallest among its peers, it reflects the increasing scrutiny over unregistered crypto activity in Europe.
OKX stated that the fine was tied to a “legacy registration matter” that has been resolved. The company emphasized that it did not actively target Dutch customers and that the fine does not affect its MiCAR-licensed entity, Okcoin Europe.
Ongoing Global Scrutiny on OKX
The Dutch penalty is only one of multiple regulatory issues OKX has faced in recent months:
- In February 2025, OKX’s Seychelles entity was hit with a $504 million penalty in the U.S. for allowing more than $1 trillion in transactions by U.S. users, including over $5 billion linked to illicit activity.
- In April 2025, Malta’s Financial Intelligence Analysis Unit imposed a €1.1 million fine citing “serious and systematic” compliance failures.
- That same month, Thailand’s SEC filed criminal complaints against OKX and nine individuals for breaching local digital asset laws.
- In January, the Malta Financial Services Authority fined OKX €304,000 for unspecified violations, requiring an external audit of its governance framework.
- The Philippines SEC also warned against OKX for operating without registration.
OKX maintains that it is committed to strengthening compliance and regulatory cooperation worldwide.
Crypto Activity in the Netherlands Heats Up
Despite fines and penalties, the Netherlands is emerging as an active hub for crypto development. Local players such as Amdax are pushing forward with new projects, including launching a Bitcoin treasury company on Euronext Amsterdam. Meanwhile, the MiCA license was recently granted to Dutch exchange Bitvavo, and Kraken expanded its footprint through an acquisition of Coin Meester.
In October 2024, the Dutch government sought public input on regulations requiring crypto firms to share user data with tax authorities. These developments reflect a growing trend toward regulated and compliant crypto infrastructure in Europe.
CoinLaw’s Takeaway
In my experience, when regulators fine exchanges like OKX, it sends a clear signal that crypto firms cannot skip the rules just because they operate digitally. While OKX might argue that it fixed the issue, these repeated fines across countries show a pattern of reactive rather than proactive compliance. If OKX wants to build lasting trust with users and governments, it must move beyond patchwork solutions and commit to consistent global compliance. Crypto firms that take regulation seriously will be the ones that thrive under MiCA and other evolving frameworks.
