Bitcoin Monetary Exchange OKX was fined by the financial regulatory institution of this country! Here is the reason!

Crypto exchange Okx Malta’s Financial Intelligence Analysis Unit (FIAU) was sentenced to 1.1 million euros ($ 1.2 million) on the grounds that the country violated the country’s money laundering (AML) regulations.

OKX was sentenced to 1.2 million dollars by Malta for violations of money laundering.

In a statement made by FIAU, the penalty was given after a harmony examination in April 2023 and revealing serious and systematic failures.

FIAU’s investigation has found that OKX did:

• He could not evaluate the risks of money laundering associated with his products appropriately.
• For approximately half of the files examined, he skipped risk assessments during the acceptance of customer.
• There were deficiencies in monitoring and external reporting.

OKX said that he has been implementing a comprehensive adaptation program, including technology upgrades and advanced monitoring since then. The stock market also said that FIAU accepted his healing efforts.

This last penalty has added another one to OKX’s increasing legislation challenges worldwide:

• February 2025: OKX’s parent company made an agreement with over $ 500 million with US authorities because it did not register as a business transferring business.
• March 2025 The European Union examined OKX’s web3 service after the news that the pirates of the computer laundered revenues from the $ 1.5 billion Bybit robbery. The stock market then suspended some related services.
• March 2025: Thailand filed a criminal complaint against OKX, a securities regulator OKX.
• January 2025: OKX was fined 304,000 euros for legislation violations not announced by Malta Financial Services Authority (MFSA).

*It is not an investment advice.