Malta Issues $1.2 Million Fine to OKX for Past AML | Crypto Work Pro
Cryptocurrency exchange OKX is beneath regulatory scrutiny in
Europe after Maltese authorities issued a tremendous for violations of Anti-Money
Laundering (AML) legal guidelines.
On April 3, Malta’s Financial Intelligence Analysis Unit
(FIAU) introduced that it had fined OKX’s Europe-based arm, Okcoin Europe, 1.1
million euros ($1.2 million) for a number of AML failures detected in 2023, Cointelegraph
reported.
In January 2025, OKX
obtained a license beneath Europe’s new Markets in Crypto-Assets (MiCA)
regulation. The license permits OKX to offer regulated companies to over 400
digital asset customers throughout Europe. However, the FIAU’s tremendous exhibits that the MiCA
license doesn’t defend the company from accountability for previous compliance
failures.
OKX’s 2023 AML Failures Draw Scrutiny
The FIAU stated that whereas OKX had improved its AML insurance policies
over the previous 18 months, it couldn’t overlook the intense and systematic
compliance failures from 2023. These points have been recognized during an
examination of OKX’s business risk evaluation (BRA), which failed to adequately
assess money laundering dangers.
The authority highlighted deficiencies within the BRA’s
methodology, together with the shortcoming to handle dangers associated to cryptocurrency
mixers, privateness cash, stablecoins, and decentralized exchanges.
OKX faces new regulatory checks in Europe after being hit with a €1.1M tremendous by Malta’s FIAU for previous AML violations. Despite current enhancements, previous missteps hang-out the crypto giant 🌍💸 #CryptoNow #AML #OKX pic.twitter.com/p1ubGN8VpS
— CryptoNow (@crypnw) April 4, 2025
EU Probes OKX Over Bybit Hack
The FIAU additionally raised issues about Okcoin Europe’s publicity
to money laundering dangers from different jurisdictions, regardless of the company’s
pledge to solely serve European clients. The regulator emphasised the
significance of contemplating potential dangers from the sources of buyer funding.
OKX didn’t reply to a request for touch upon whether or not the
exchange admitted to the violations. A spokesperson for the exchange said
that it stays targeted on “building a secure, clear, and compliant
platform” for customers worldwide.
The tremendous from Malta follows different stories of regulatory
investigations into OKX. In March, Bloomberg reported that EU regulators have been
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.
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