On April 3, 2025, Malta's Financial Intelligence Analysis Unit (FIAU) issued a fine of €1.1 million (approximately $1.2 million) to Okcoin Europe, the European arm of the cryptocurrency exchange OKX, for past violations of Anti-Money Laundering (AML) laws. This action came after an examination revealed multiple significant compliance failures within the platform during 2023. The FIAU noted that while OKX had made considerable improvements to its AML policies in the past 18 months, the authority could not overlook the systematic deficiencies identified in its risk assessment methodologies. The investigation highlighted several risks associated with money laundering, including threats from cryptocurrency mixers, privacy coins, stablecoins, and decentralized exchanges. Despite the exchange's commitment to serving only European customers, the FIAU emphasized the importance of assessing risks related to funding sources from jurisdictions outside of Europe. Concurrent with the fine, media reports from Bloomberg indicated that OKX was under investigation by EU regulators regarding its alleged facilitation of laundering $100 million in funds stemming from a hack on rival exchange Bybit. Bybit's CEO accused OKX of allowing hackers to launder substantial amounts through its Web3 proxy. As the situation unfolds, OKX maintains its focus on bolstering a secure, compliant trading platform for its users globally, striving to address past compliance issues. The FIAU's actions signal that holding licenses under new regulations like MiCA does not exempt firms from responsibility for historical breaches.

On April 3, 2025, Malta's Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe, the European arm of the cryptocurrency exchange OKX, €1.1 million (approximately $1.2 million) for prior violations of Anti-Money Laundering (AML) regulations. This fine was a result of an examination that uncovered significant compliance failures within the platform during 2023. Although the FIAU acknowledged that OKX had made substantial improvements to its AML policies over the preceding 18 months, it could not disregard the systematic deficiencies discovered in its risk assessment methodologies. The investigations revealed various money laundering risks, such as potential threats from cryptocurrency mixers, privacy coins, stablecoins, and tokens used on decentralized exchanges. The FIAU maintained that, despite OKX's stated strategy to serve only European customers, it was crucial to evaluate risks associated with the sources of customer funding from jurisdictions outside Europe. In tandem with this penalty, reports from Bloomberg highlighted that OKX was under investigation by EU regulators concerning allegations of facilitating the laundering of $100 million linked to a hack of rival exchange Bybit. Bybit's CEO accused OKX of having allowed hackers to launder considerable amounts through its Web3 proxy. As this situation progresses, OKX is committed to enhancing its platform's security and compliance. The FIAU’s decision underscores that achieving licenses under new regulations, such as those arising from the Markets in Crypto-Assets (MiCA), does not exempt companies from accountability for past infractions.