The OKX European Company – also known as Okcoin Europe, a subsidiary of Crypto Exchange OKX – sentenced a fine to 1.05 million euros (1.2 million dollars) by the Malta financial guard dog on Thursday for breaking the country’s money laundering rules.
The Financial Intelligence Analysis Unit (FIU) said that the company had not evaluated money laundering and the financing of the risk of terrorism emanating from the products it offers and had violated parts of the country’s money laundering prevention and the financing of terrorism regulations.
“Regulatory compliance is an absolute priority for OKX, and we remain determined to respect and exceed global regulatory standards,” OKX said in a statement.
The company also declared that it had approached the shortcomings identified in its context of compliance following the examination of the authority in 2023. In the new opinion, the FIA also congratulated the company to make significant improvements in the last 18 months.
OKX secured the coveted markets in Crypto Assets (MICA) license (Mica) of Malta earlier this year, which will allow it to offer crypto services across the European Union.
“The company was to assess the nature of the risk widespread in the services it offered,” said authority in his opinion.
Fiau said that the exchange should assess the risks linked to the use of stablescoins, mixers that obscure the origins of transactions, confidentiality parts, tokens designed for anonymity and tokens on decentralized exchanges.
OKX recently temporarily suspended its decentralized exchange aggregator as a result of reports that European regulators had examined how it was used to whiten the funds from a recent Hack of the bybit exchange.
Bloomberg first reported history.
