Quick Breakdown:
- Aux Cayes Fintech received a €2.25 million fine from the Dutch National Bank for operating without registration from July 2023 to August 2024.
- This issue predated its full MiCA license, which was secured in February 2025, allowing operations across 28 European states.
- The firm called the fine a legacy issue already resolved without customer impact.
Aux Cayes Fintech Co. Ltd. (Aux Cayes), the parent company that runs OKX Exchange, has been fined €2.25 million ($2.6 million) by the Dutch National Bank (DNB) for providing crypto services in the Netherlands without proper registration between July 2023 and August 2024. This period predates the implementation of the European Union’s Markets in Crypto Assets (MiCA) regulatory framework, which the exchange has since fully complied with by securing a MiCA license in February 2025.
Before MiCA’s introduction, Dutch law required crypto service providers to register with the DNB. OKX’s unregistered operations occurred during this transitional phase, a violation the exchange refers to as a “legacy registration matter” already remedied. The platform’s spokesperson told CoinDesk that the fine is the lowest ever issued by DNB against major crypto exchanges, partly due to OKX’s timely acquisition of the MiCA license, which permits the firm to operate legally across 28 European Economic Area states.
OKX Expansion in the Netherlands
OKX entered the Dutch market in 2024 following a rebrand from Okcoin Europe Ltd. At launch, OKX supported over 150 cryptocurrencies and 60 crypto-euro trading pairs, along with introducing its self-custodial OKX Wallet for Dutch users. Despite initially claiming registration with DNB, the fine suggests residual non-compliance from its previous operational identity.
This is not OKX’s first regulatory penalty in Europe. Earlier in 2025, the exchange paid €1.1 million for failing to meet Anti-Money Laundering standards in Malta, illustrating ongoing regulatory scrutiny in the region.
The enforcement action by DNB underscores the critical importance of early compliance amidst evolving crypto regulations in Europe. OKX has expressed its commitment to maintaining secure and compliant services as it continues its expansion across the continent.
Meanwhile, Circle and OKX have joined forces to enhance global access to USDC, announcing a new partnership aimed at deepening liquidity and improving fiat on-and-off ramps for users worldwide.
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