OKX fined €1.1 million by Malta’s FIAU for anti-money laundering violations
Maltese authorities fined OKX, a cryptocurrency exchange, for violating the island nation’s anti-money laundering regulations, the latest in a series of regulatory setbacks for the cryptocurrency exchange.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined OKX’s local subsidiary €1.1 million this month, worth $1.2 million.
Malta Financial Intelligence Analysis Unit lays a €1.1 million fine on OKX
According to the FIAU’s notice issued on Thursday, the fine came after an onsite compliance examination in April 2023 that revealed multiple failures. Based on the independent government agency’ argument on these failures, they stated that some were considered systematic and serious.
Furthermore, the FIAU claimed that OKX’s business risk assessment had not sufficiently investigated possible money laundering risks associated with its products.
Additionally, the agency revealed that OKX was discovered to have neglected to conduct risk assessments during onboarding for about half of the client files the watchdog examined. Moreover, it also raised concerns about external reporting and transaction monitoring.
However, in defence of itself, OKX claimed to have closely followed the rules established during the previous two years. To support this, an OKX representative said, “Over the past two years, we have implemented a comprehensive compliance program, including technology upgrades, enhanced monitoring, and robust remediation efforts.”
In addition, the representative highlighted that the platform had taken corrective action of its own free will, which the FIAU recognized. The agency did not immediately answer to a request for comment.
OKX faces significant fines from Maltese for violating regulations set
On January 23, OKX, formerly known as OKEx, announced that it had obtained a MiCA “pre-authorization” via its European hub in Malta. Later, the exchange declared that it was authorized to “passport” its services throughout the European Economic Area.
In late January, the Malta Financial Services Authority fined OKX €304,000($334,260) for violating unidentified regulations. In addition, OKX agreed to designate an independent third-party service provider to examine its governance framework.
Moreover, in late February, OKX’s parent company, which is based in Seychelles, agreed to pay more than $500 million in a settlement with US authorities for failing to register as a money-transmitting business. Around the same time, OKX was the subject of a criminal complaint last month from Thailand’s securities regulator for operating there without a license.
OKX faces mounting scrutiny amid Bybit hack allegations
The $1.2 million penalty imposed on OKX in Malta closely followed a March report by Bloomberg, which revealed that European Union regulators were investigating the exchange’s alleged involvement in laundering $100 million linked to the Bybit hack.
Bybit CEO Ben Zhou had previously alleged that OKX’s Web3 proxy enabled hackers to move approximately 40,233 Ether—worth around $100 million—following the $1.5 billion breach in February 2025.
OKX responded to Zhou’s accusations by denying that any EU investigation was underway, accusing Bybit of spreading misinformation.
The latest news from Malta’s FIAU also followed recent reports suggesting that OKX hired former New York Governor Andrew Cuomo to advise it over the federal criminal investigation leading to its plea and a $505 million penalty payment in the U.S.
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Malta Slaps OKX Crypto Exchange With $1,155,000 Fine Over Anti-Money-Laundering Violations
OKX fined €1.1 million by Malta’s FIAU for anti-money laundering violations
Maltese authorities fined OKX, a cryptocurrency exchange, for violating the island nation’s anti-money laundering regulations, the latest in a series of regulatory setbacks for the cryptocurrency exchange.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined OKX’s local subsidiary €1.1 million this month, worth $1.2 million.
Malta Financial Intelligence Analysis Unit lays a €1.1 million fine on OKX
According to the FIAU’s notice issued on Thursday, the fine came after an onsite compliance examination in April 2023 that revealed multiple failures. Based on the independent government agency’ argument on these failures, they stated that some were considered systematic and serious.
Furthermore, the FIAU claimed that OKX’s business risk assessment had not sufficiently investigated possible money laundering risks associated with its products.
Additionally, the agency revealed that OKX was discovered to have neglected to conduct risk assessments during onboarding for about half of the client files the watchdog examined. Moreover, it also raised concerns about external reporting and transaction monitoring.
However, in defence of itself, OKX claimed to have closely followed the rules established during the previous two years. To support this, an OKX representative said, “Over the past two years, we have implemented a comprehensive compliance program, including technology upgrades, enhanced monitoring, and robust remediation efforts.”
In addition, the representative highlighted that the platform had taken corrective action of its own free will, which the FIAU recognized. The agency did not immediately answer to a request for comment.
OKX faces significant fines from Maltese for violating regulations set
On January 23, OKX, formerly known as OKEx, announced that it had obtained a MiCA “pre-authorization” via its European hub in Malta. Later, the exchange declared that it was authorized to “passport” its services throughout the European Economic Area.
In late January, the Malta Financial Services Authority fined OKX €304,000($334,260) for violating unidentified regulations. In addition, OKX agreed to designate an independent third-party service provider to examine its governance framework.
Moreover, in late February, OKX’s parent company, which is based in Seychelles, agreed to pay more than $500 million in a settlement with US authorities for failing to register as a money-transmitting business. Around the same time, OKX was the subject of a criminal complaint last month from Thailand’s securities regulator for operating there without a license.
OKX faces mounting scrutiny amid Bybit hack allegations
The $1.2 million penalty imposed on OKX in Malta closely followed a March report by Bloomberg, which revealed that European Union regulators were investigating the exchange’s alleged involvement in laundering $100 million linked to the Bybit hack.
Bybit CEO Ben Zhou had previously alleged that OKX’s Web3 proxy enabled hackers to move approximately 40,233 Ether—worth around $100 million—following the $1.5 billion breach in February 2025.
OKX responded to Zhou’s accusations by denying that any EU investigation was underway, accusing Bybit of spreading misinformation.
The latest news from Malta’s FIAU also followed recent reports suggesting that OKX hired former New York Governor Andrew Cuomo to advise it over the federal criminal investigation leading to its plea and a $505 million penalty payment in the U.S.
Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
Read More