In the latest development, Malta’s financial watchdog has imposed a penalty of $1.2 million on OKX, a prominent crypto exchange. The crypto trading platform faces this fine for allegedly violating the anti-money laundering rules.
Notably, the Maltese authority’s increased scrutiny over OKX comes amid the Thai SEC’s lawsuit against the exchange. Let’s unveil the details of the Malta government’s allegations over the crypto exchange and the potential implications.
Malta Imposes $1.2M Fine on OKX
Malta’s Financial Intelligence Analysis Unit (FIAU) has alleged that OKX violated anti-money laundering (AML) laws. As a result, Okcoin Europe, OKX’s European subsidiary, faces a penalty of 1.1 million euros, equivalent to about $1.2 million.
On April 3, 2025, the Maltese authority announced this significant move, arguing that the exchange breached AML laws multiple times in 2023. Though the exchange has advanced its AML policies recently, the FIAU could overlook its “serious and systematic” compliance failures during the past.
OKX Faces AML Compliance Issues, FIAU Alleges
Previously, in January 2025, the Malta Financial Services Authority imposed a fine of 304,000 euros ($336,254) for violating other rules.
Significantly, Malta’s regulator conducted a detailed review of OKX in April 2023 and identified that the platform failed to meet the standards of AML regulations. Among the major issues was the exchange’s inability to identify money laundering threats associated with its services.
In addition, the regulator raised concerns over potential exposure to high-risk customers as the exchange allegedly skipped risk checks on nearly half of the client files reviewed. Further, the FIAU spotted inadequate transaction monitoring, which can lead to undetected suspicious activity.
The recent development follows the Thai SEC’s lawsuit against the crypto exchange over allegations of offering crypto services without proper registration.
OKX Expands to Europe
Despite these legal woes, OKX remains committed to its vision of European expansion. Becoming the first crypto exchange to obtain a MiCA license in 2025, OKX has begun to launch services across Europe. An official statement read,
Receiving our full MiCA license is just the beginning of the OKX story in Europe. We’re committed to unlocking crypto trading and onchain discovery for millions more people in the region. It’s all part of our mission to empower people to secure their financial freedom through crypto, all with the peace of mind that they’re protected by robust regulation.
Moreover, the exchange is restructuring its leadership. Recently, OKX appointed Linda Lacewell, the former head of NYDFS, as the platform’s new Chief Legal Officer.
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