The OKCoin Europe Exchange, now fully rebranded into OKX, has been fined €1,054,269 by the Financial Intelligence Analysis following a list of Anti-Money-Laundering violations. Among these AML violations by the OKCoin exchange include failure to do proper customer review assessments (CRAs) of up to 50% of its clients, failed to do proper due diligence on a list of coin offerings, and failed to list the risks and source of funds of large inflows into its exchange from foreign sources.
The investigation by the FIAU into the exchange began in April 2023 and was concluded this year. The full FIAU report can be read here. OkCoin Europe fully rebranded into OKX in April 2024 as part of OKX’s group consolidation. OKX is currently the fifth largest crypto exchange by trading volume as of time of writing and operates from Malta, but its holding companies are registered in the British Virgin Islands and the Seychelles.
In the conclusions of its report the FIAU applauded the exchange for improving its AML measures and assessments during the course of its investigation and following the advice of FIAU officials. OKX was also one of the first exchanges in Europe to announce its compliance with new MICA regulations.
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