The Financial Intelligence Analysis Unit of Malta (FIAU) has imposed a fine of $1.2 million on Okcoin Europe, the European subsidiary of the OKX exchange, for non-compliance with anti-money laundering (AML) regulations in 2023.
This is reported by Business • Media
Regulator representatives emphasized that despite significant achievements in improving regulation over the past 18 months, past violations cannot be overlooked. They noted that OKX is one of the first exchanges to receive a MiCA license in the EU through its Maltese office in January 2025.
Deficiencies in the Risk Assessment System
During its inspection, the FIAU identified deficiencies in the risk assessment system (BRA) that hindered the exchange from “adequately assessing the threats of money laundering” and taking appropriate measures. Among the identified risks were cryptocurrency mixers, anonymous coins, stablecoins, and transactions on decentralized exchanges.
The regulator also stated that OKX should have considered potential threats from foreign users and funding sources. As of the time of publication, the exchange had not yet commented on acknowledging its violations, but assured that it continues to strengthen its compliance system.
Situation with the Securities and Exchange Commission of Thailand
Recently, it became known that the Securities and Exchange Commission (SEC) of Thailand has filed a lawsuit against the cryptocurrency exchange OKX and its operator Aux Cayes FinTech Co Ltd. The platform is accused of providing services without a license, violating the “Emergency Decree on Digital Assets.” If the court finds the management of OKX and its partners guilty, they face imprisonment of two to five years, as well as fines of up to 500,000 baht (approximately $14,700) and a daily fine of 10,000 baht ($295) for delays.
“The regulator indicated that OKX should have considered potential threats from foreign users and funding sources.”
It is worth noting that earlier, OKX suspended its DEX aggregator due to the Bybit hack.