OKX Fined €1.1 Million by Malta Regulator for AML Violations

In a significant regulatory action, the Financial Intelligence Analysis Unit of Malta (FIAU) has imposed a substantial fine on OKX’s European subsidiary, underscoring the importance of strict compliance with Anti-Money Laundering (AML) regulations in the cryptocurrency sector.

Malta Regulator Fines OKX €1.1 Million Over AML Violations

The Financial Intelligence Analysis Unit of Malta (FIAU) imposed a €1.1 million ($1.2 million) fine on OKCoin Europe, the European subsidiary of OKX, for past violations of Anti-Money Laundering (AML) regulations. The fine was imposed due to defects found in the company’s compliance processes during the FIAU’s 2023 compliance review. Despite recent improvements in AML policies, the regulatory body maintained that past systematic compliance weaknesses within the company must be addressed.

Maltese Regulators Fine Crypto Exchange OKX for AML Violations

Regulators in Malta have fined crypto exchange OKX’s European arm, Okcoin Europe, $1.2 million for several anti-money laundering (AML) violations discovered in 2023. Despite improvements in its AML policies, Malta’s Financial Intelligence Unit (FIAU) could not dismiss the compliance violation. OKX is among the first exchanges to be licensed under the EU’s newly enacted Markets in Crypto-Asset (MiCA) regulation.