Crypto exchange OKX has been fined €2.25 million ($2.6 million) by the Dutch National Bank (DNB) for operating in the Netherlands without proper registration. The fine covers activities between July 2023 and August 2024, before the rollout of the European Union’s new Markets in Crypto-Assets (MiCA) regulations. Dutch regulators have required crypto companies to register for Anti-Money Laundering (AML) oversight since 2020.

OKX stated it was “pleased to have resolved this matter,” insisting it did not actively target Dutch users during the period in question. The company clarified that the fine does not affect its MiCA-licensed entity, Okcoin Europe, and emphasized its ongoing commitment to the Dutch market.

This is not the first time regulators in the Netherlands have penalized major crypto players. Binance, Coinbase, and Crypto.com have all faced fines for failing to register, with Binance eventually exiting the country.

OKX’s challenges extend beyond the Netherlands. In April, Maltese authorities fined the exchange €1.1 million ($1.2 million) for AML violations, citing “serious and systematic” compliance failures. The Philippines Securities and Exchange Commission also recently flagged OKX among 10 exchanges allegedly operating without authorization.

Despite these regulatory setbacks, the Netherlands remains a growing hub for crypto innovation. Dutch provider Amdax recently raised $23.3 million to launch a Bitcoin treasury firm on Amsterdam’s Euronext exchange, while local exchange Bitvavo secured a MiCA license in June. Last year, Kraken expanded its Dutch footprint by acquiring long-standing broker Coin Meester.

As Europe tightens compliance under MiCA, exchanges like OKX are under pressure to adapt or risk further penalties. The fine highlights the growing global crackdown on crypto firms operating outside regulatory frameworks, even as demand for digital assets continues to rise.