6 days ago
MiCA-licensed OKX has importantly improved its compliance efforts successful the past 18 months, but the Maltese regulator said it could not disregard its past “systematic” Anti-Money Laundering failures.
Cryptocurrency speech OKX is nether renewed regulatory scrutiny successful Europe aft Maltese authorities issued a large good for violations of Anti-Money Laundering (AML) laws.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 cardinal euros ($1.2 million) aft detecting aggregate AML failures connected the level successful the past, the authorization announced connected April 3.
While admitting that OKX has importantly improved its AML policies successful the past 18 months, the authorization “could not ignore” its past compliance failures from 2023, “some of which were deemed to beryllium superior and systematic,” the FIAU announcement said.
OKX was among the archetypal crypto exchanges to receive a license nether Europe’s caller Markets successful Crypto-Assets (MiCA) regularisation via its Malta hub successful January 2025.
The quality of the $1.2 cardinal punishment successful Malta came aft Bloomberg successful March reported that European Union regulators were probing OKX for laundering $100 cardinal successful funds from the Bybit hack.
Bybit CEO Ben Zhou antecedently claimed that OKX’s Web3 proxy allowed hackers to launder astir $100 million, oregon 40,233 Ether (ETH), from the $1.5 cardinal hack that occurred successful February.
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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