Crypto change OKX has been fined €1.1 million ($1.2 million) by Malta’s Monetary Intelligence Evaluation Unit (FIAU) for breaching the nation’s anti-money laundering (AML) laws.
OKX Fined $1.2 Million by Malta for Anti-Cash Laundering Violations
The FIAU assertion stated the penalty was imposed following an on-site compliance overview in April 2023, which revealed severe and systematic failures.
The FIAU investigation discovered that OKX:
- Didn’t appropriately assess the cash laundering dangers related to its merchandise.
- For about half of the information reviewed, the shopper skipped danger assessments throughout acceptance.
- There have been deficiencies in transaction monitoring and exterior reporting.
OKX responded to the nice, stating that it has since applied a complete compliance program, together with expertise upgrades and enhanced monitoring. The change additionally famous that it acknowledged the FIAU’s remedial efforts.
This newest nice provides to OKX’s rising regulatory challenges worldwide:
- February 2025: OKX’s dad or mum firm settles with US authorities for over $500 million for failing to register as a cash transmitter enterprise.
- March 2025 The European Union investigates OKX’s Web3 service following experiences that hackers laundered the proceeds of the $1.5 billion Bybit heist. The change later suspends some associated providers.
- March 2025: Thailand’s securities regulator information felony grievance in opposition to OKX for working with no license.
- January 2025: OKX was fined €304,000 by the Malta Monetary Providers Authority (MFSA) for undisclosed regulatory breaches.
*This isn’t funding recommendation.
