The central bank of the Netherlands, De Nederlandsche Bank (DNB), has penalized the cryptocurrency trading platform OKX with a €2.25 million ($2.6 million USD) fine. This financial penalty stems from the exchange’s operations within the Netherlands between July 2023 and August 2024 without securing the necessary registration. The fine addresses activities conducted before the full enforcement of the European Union’s Markets in Crypto-Assets (MiCA) regulations, which aim to create a consistent regulatory structure for digital assets throughout the EU.
Notably, the DNB classified this fine as the lowest it has issued against a major crypto exchange. The amount was decreased in recognition of OKX’s steps toward rectifying the situation, which included transitioning its Dutch user base to its MiCAR-compliant European subsidiary. The Dutch government has required cryptocurrency businesses to register with the DNB since early 2020. This requirement is intended to bring the crypto sector in line with the country’s anti-money laundering (AML) regulations, as outlined in the Wet ter Voorkoming van de Vennootschappelijke Wettelijke Verplichtingen (Wwft).
In the past, the DNB has levied similar financial penalties against other significant exchanges for failing to comply with regulations. These include a €2.85 million fine against Crypto.com and a €4 million penalty against Kraken. These regulatory actions demonstrate a larger trend of increased enforcement in the Netherlands, intended to ensure that digital asset companies comply with financial rules.
A spokesperson for OKX stated that the fine pertains to a “legacy registration matter” that has since been resolved, with no negative consequences for customers. The company reaffirmed its dedication to upholding compliance and security standards both in Europe and globally. The spokesperson also clarified that the fine does not apply to OKX’s MiCAR-licensed entity, OKCoin Europe, which is now authorized to operate within the Netherlands. OKX has affirmed its continued dedication to the Dutch market, despite the financial penalty.
OKX’s regulatory challenges extend beyond the Netherlands. Earlier in April 2025, Maltese regulators imposed a €1.1 million fine on the exchange for AML violations. Additionally, the Securities and Exchange Commission in the Philippines recently issued warnings to OKX and nine other exchanges for operating without proper authorization within the country. These enforcement efforts highlight the rising regulatory scrutiny directed toward crypto platforms across various jurisdictions, particularly as the industry evolves and frameworks like MiCA are implemented.
Despite the current regulatory climate, the Netherlands remains a significant hub for cryptocurrency innovation. Recent developments signal a rising level of institutional interest. For instance, the local exchange Bitvavo received a MiCA license in June 2025. Also, preparations are underway to list a new Bitcoin treasury company on Amsterdam’s Euronext stock exchange. Furthermore, the Dutch government is weighing new regulations that would compel crypto service providers to share user data with tax authorities. This reinforces the country’s proactive approach to regulating digital assets. This regulatory environment is attracting significant market participants, with Kraken having recently acquired a Dutch crypto broker to broaden its regional presence.
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[1] Crypto Exchange OKX Fined $2.6M in Netherlands for … (https://www.coindesk.com/policy/2025/09/03/okx-fined-usd2-6m-in-netherlands-for-failing-to-register-with-dutch-national-bank)
[2] Crypto Exchange OKX Fined $2.6M in Netherlands for Failing … (https://finance.yahoo.com/news/crypto-exchange-okx-fined-2-060000846.html)
[3] OKX Fined $2.6M for Unregistered Operations in Netherlands (https://cointelegraph.com/news/okx-fined-2-6m-netherlands-operating-without-license)