Malta’s Financial Intelligence Analysis Unit (FIAU) has fined cryptocurrency exchange OKX €1.1 million (~$1.2 million) for anti-money laundering (AML) violations in 2023.
The FIAU stated that while the platform has improved its compliance procedures over the past 18 months, the agency “could not overlook” previous “serious and systemic” shortcomings.
In 2023, OKX conducted a business risk assessment, but the regulator identified deficiencies. These shortcomings prevented the exchange from adequately analyzing transactions for money laundering risks, including threats from mixers, privacy coins, and stablecoins.
FIAU representatives also noted that OKX engaged with clients outside the EU, despite claims of focusing on Europe.
In February 2025, the exchange admitted to violating US anti-money laundering laws and agreed to pay over $504 million in fines and restitution.
On March 11, Bloomberg journalists reported that European regulators are investigating the connection of OKX services to the laundering of assets stolen from Bybit. The platform’s team called the information “misleading.”