EU, Bybit, and OKX Spotlighted in Broad-Scale Probe Over $1.5 Billion Crypto Heist
by aria-crypto.com
March 12, 2025 at 12:34
EU, Bybit, and OKX Spotlighted in Broad-Scale Probe Over $1.5 Billion Crypto Heist
The European Union is currently investigating crypto exchange OKX regarding its potential role in laundering $1.5 billion stolen from Bybit by North Korea's Lazarus Group. This inquiry examines whether OKX's Web3 services were used inappropriately to obscure stolen funds, possibly violating the EU's Markets in Crypto Assets (MiCA) regulations. Regulators from all 27 EU member states debated at the ESMA Digital Finance Standing Committee over whether OKX's non-custodial services sidestep these new financial rules. If OKX is found at fault, it faces the risk of severe penalties, including potentially losing its MiCA license, which was granted to the exchange in February. Despite these serious allegations, OKX has publicly denied any wrongdoing, asserting that its services are compliant with EU standards and similar to offerings by other industry players. This situation underscores the increasing scrutiny on cryptocurrency platforms by global regulators and the complex challenges they face in ensuring compliance while supporting innovative financial technologies.
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