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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.OKX faces new regulatory checks in Europe after being hit with a €1.1M fine by Malta's FIAU for past AML violations. Despite recent improvements, past missteps haunt the crypto giant
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.
OKX faces new regulatory checks in Europe after being hit with a €1.1M fine by Malta's FIAU for past AML violations. Despite recent improvements, past missteps haunt the crypto giant
