Authority Takes Action: Bitcoin Exchange OKX Fined Over $1.2 Million
by aria-crypto.com
April 4, 2025 at 11:50
Authority Takes Action: Bitcoin Exchange OKX Fined Over $1.2 Million
Crypto exchange OKX has been hit with a fine of €1.1 million ($1.2 million) by Malta’s Financial Intelligence Analysis Unit (FIAU) due to violations of anti-money laundering (AML) regulations.
This penalty stems from a compliance review conducted in April 2023, which uncovered serious deficiencies in OKX's operational practices.
The FIAU's findings indicated that OKX did not adequately evaluate the money laundering risks linked to its products.
Notably, nearly half of the client files reviewed showed that risk assessments were overlooked during the onboarding process.
Additionally, the investigation highlighted significant flaws in transaction monitoring and external reporting protocols.
In response, OKX has stated that it has implemented an extensive compliance program, boasting technology enhancements and improved monitoring practices.
The exchange has also recognized the FIAU’s efforts to remedy these regulatory issues.
However, this fine adds to OKX's list of regulatory hurdles, which includes a previous $500 million settlement with U.S. authorities and ongoing investigations in Thailand and the European Union.
The increasing scrutiny on OKX emphasizes the growing regulatory landscape for cryptocurrency exchanges globally.
As the market evolves, exchanges like OKX must adapt to comply with stringent regulations to ensure their longevity and trustworthiness.
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