Crypto exchange OKX has been fined €1.1 million ($1.2 million) by Malta’s Financial Intelligence Analysis Unit (FIAU) for breaching the country’s anti-money laundering (AML) regulations.
OKX Fined $1.2 Million by Malta for Anti-Money Laundering Violations
The FIAU statement said the penalty was imposed following an on-site compliance review in April 2023, which revealed serious and systematic failures.
The FIAU investigation found that OKX:
- Failed to appropriately assess the money laundering risks associated with its products.
- For approximately half of the files reviewed, the client skipped risk assessments during acceptance.
- There were deficiencies in transaction monitoring and external reporting.
OKX responded to the fine, stating that it has since implemented a comprehensive compliance program, including technology upgrades and enhanced monitoring. The exchange also noted that it acknowledged the FIAU’s remedial efforts.
This latest fine adds to OKX’s growing regulatory challenges worldwide:
- February 2025: OKX's parent company settles with US authorities for over $500 million for failing to register as a money transmitter business.
- March 2025 The European Union investigates OKX’s Web3 service following reports that hackers laundered the proceeds of the $1.5 billion Bybit heist. The exchange later suspends some related services.
- March 2025: Thailand's securities regulator files criminal complaint against OKX for operating without a license.
- January 2025: OKX was fined €304,000 by the Malta Financial Services Authority (MFSA) for undisclosed regulatory breaches.
*This is not investment advice.