Malta Points $1.2 Million Wonderful to OKX for Previous AML Failures amid MiCA License

[ad_1] Cryptocurrency change OKX is beneath regulatory scrutiny in Europe after Maltese authorities issued a positive for violations of Anti-Cash Laundering (AML) legal guidelines.

On April 3, Malta’s Monetary Intelligence Evaluation Unit (FIAU) introduced that it had fined OKX’s Europe-based arm, Okcoin Europe, 1.1 million euros ($1.2 million) for a number of AML failures detected in 2023, Cointelegraph reported.

In January 2025, OKX acquired a license beneath Europe’s new Markets in Crypto-Property (MiCA) regulation. The license permits OKX to supply regulated companies to over 400 digital asset customers throughout Europe. Nonetheless, the FIAU’s positive reveals that the MiCA license doesn't shield the corporate from accountability for previous compliance failures.

OKX’s 2023 AML Failures Draw Scrutiny

The FIAU mentioned that whereas OKX had improved its AML insurance policies over the previous 18 months, it couldn't overlook the intense and systematic compliance failures from 2023. These points have been recognized throughout an examination of OKX’s enterprise danger evaluation (BRA), which didn't adequately assess cash laundering dangers.

The authority highlighted deficiencies within the BRA’s methodology, together with the shortcoming to handle dangers associated to cryptocurrency mixers, privateness cash, stablecoins, and decentralized exchanges.

OKX faces new regulatory checks in Europe after being hit with a €1.1M positive by Malta's FIAU for previous AML violations. Regardless of latest enhancements, previous missteps hang-out the crypto large 🌍💸 #CryptoNow #AML #OKX pic.twitter.com/p1ubGN8VpS

— CryptoNow (@crypnw) April 4, 2025 EU Probes OKX Over Bybit Hack

The FIAU additionally raised considerations about Okcoin Europe’s publicity to cash laundering dangers from different jurisdictions, regardless of the corporate’s pledge to solely serve European clients. The regulator emphasised the significance of contemplating potential dangers from the sources of buyer funding.

OKX didn't reply to a request for touch upon whether or not the change admitted to the violations. A spokesperson for the change acknowledged that it stays targeted on "constructing a safe, clear, and compliant platform" for customers worldwide.

The positive from Malta follows different studies of regulatory investigations into OKX. In March, Bloomberg reported that EU regulators have been probing OKX over its potential involvement in laundering $100 million in funds from the Bybit hack. Bybit’s CEO claimed that OKX’s Web3 proxy enabled hackers to launder a portion of the stolen funds. OKX denied the allegations, calling them misinformation.