Dutch Central Bank Fines OKX €2.25M for Unlicensed Operations

Dutch central bank fines OKX €2.25M for unlicensed operations, signaling strict crypto regulation as MiCA enforcement tightens across Europe.

The Dutch Central Bank, known as De Nederlandsche Bank (DNB), recently fined the cryptocurrency exchange OKX €2.25 million, equivalent to about $2.6 million, for operating in the Netherlands without proper registration. The DNB imposed this fine on a Wednesday. It said that OKX provided crypto services without a license from July 2023 to August 2024.

Crypto Exchanges Face Growing Scrutiny as MiCA Takes Hold

During this time, the European Union Markets in Crypto-Assets (MiCA) had not come into force. However, since the beginning of 2020, any crypto company has to register under Dutch regulators for Anti-Money Laundering (AML) compliance. The DNB made it clear that it will not allow companies to get around these rules, signaling a strong message for the crypto industry.

This fine is one in a series of crackdowns in the Netherlands. In addition, other large crypto exchanges, like Crypto.com and Kraken, have been penalized as well. Kraken paid GBP4 million, whilst Crypto.com was fined GBP2.85 million for similar registration breaches. Now, the MiCA framework is in place in Europe and regulators are stepping up the rules. As a result, crypto exchanges now have more eyes on them than ever before, and there’s very little space for operating out of blind spots. The DNB’s actions demonstrate that European authorities are serious about holding companies to account, even after the fact.

OKX’s troubles in the Netherlands are not an exception. The exchange has also faced regulatory issues elsewhere in the world. For instance, in April 2025, OKX’s European arm was fined 1.1 million euros in Malta for AML compliance breaches that took place in 2023. However, later on OKX enhanced its processes and secured MiCA approval in Malta. Also, in early 2025, OKX was forced to pay an enormous $504 million settlement in the US. The company confessed to running as an illegal money transmitter and processing illegal transactions. As a result of this, OKX agreed to have the activities closely monitored and to hire an independent compliance consultant until 2027.

OKX Faces Mounting Pressure Amid Global Crypto Reform

These cases are just examples of the global trend of increased regulation for cryptocurrency businesses. Regulators in Europe, the United States, and elsewhere are calling for more transparency and accountability. For OKX, the Dutch fine is another wake-up call to put compliance at the top of the agenda. Meanwhile, the entire crypto industry is going through pressure to adjust to tighter regulations. As a result, exchanges like OKX have to invest a lot in compliance programs to ensure they do not face further penalties.

The DNB’s actions are also a signal to other crypto platforms. Even before the implementation of MiCA, failure to register an economic agent and operate without a valid registration has serious consequences. Furthermore, the fines levied against OKX, Crypto.com, and Kraken underscore the Netherlands’ stern approach to crypto regulation.

As a result, crypto companies will have to comply with MiCA and other regulatory bodies in their respective territories to conduct their business legally within Europe. Otherwise, they will face severe fines, or be locked out of important markets. OKX is making efforts towards resolving its compliance issues, but the path to fully regulatory-compliant operations is still a long one. In conclusion, the message from the global regulators is loud and clear: crypto exchanges need to play by the rules or face the consequences.