The OKX cryptocurrency exchange in Malta has been fined €1.1 million ($1.2 million) by the nation’s Financial Intelligence Analysis Unit (FIAU) for violating anti-money laundering (AML) regulations.
The penalty follows an on-site compliance examination conducted in April 2023, which reportedly uncovered “serious and systematic failures” in OKX’s operational procedures.
Read also: OKX suspends DeFi service, citing EU investigation and media criticism
Compliance deficiencies uncovered
According to a Bloomberg report, Maltese authorities published a notice informing the trading platform of its failure to adequately examine potential money laundering risks associated with its offered products.
The FIAU specifically noted deficiencies in the exchange’s Customer Risk Assessment (CRA) procedures. The watchdog stated that the company failed to carry out a CRA upon establishing a business relationship for around 50 percent of the customer files reviewed as part of the compliance examination.
Furthermore, authorities alleged that OKX did not correctly monitor or follow up on cryptocurrency transactions conducted on its platform, with the value of these transactions exceeding $20 million.
Meanwhile, a spokesperson for OKX, as reported by Bloomberg, stated that the FIAU had acknowledged the platform’s “remedial action out of its own volition” in response to the penalty. The spokesperson added, “Over the past two years, we have implemented a comprehensive compliance program, including technology upgrades, enhanced monitoring, and robust remediation efforts.”
In particular, the FIAU commended the company for making notable improvements over the past 18 months.
Read also: African women in crypto: Binance champions financial inclusion
Recent OKX regulatory challenges
This fine from Maltese authorities is the latest in a series of regulatory challenges for OKX. In late February, the Seychelles-based parent company of OKX agreed to pay over $500 million to settle allegations with U.S. authorities for failing to register as a money-transmitting business.
Additionally, Thailand’s securities regulator has filed a criminal complaint against OKX for operating without a license in the country. In addition to that, Bybit CEO Ben Zhou alleged that OKX enabled hackers to launder funds from a February 2025 hack, allegations firmly denied by OKX, which has labelled Bybit’s statements as misinformation.
Despite the fine, OKX retains its operational licence in Malta, where it secured pre-approval under the EU’s Markets in Crypto-Assets (MiCA) framework earlier this year, potentially allowing it to offer services across the European Union from its Malta hub.
