Maltese authorities have fined crypto exchange OKX $1.2 million (€1.1 million) for breaking anti-money laundering (AML) laws. The penalty was issued after Malta’s Financial Intelligence Analysis Unit (FIAU) conducted an inspection in April 2023 and uncovered serious weaknesses in how OKX handled financial crime risks.
Malta Finds Major Compliance Gap
According to the FIAU, OKX failed to assess the risks of its crypto services being used for money laundering. Remarkably, about half of the reviewed files had missing or weak assessments, proving the firm did not conduct proper background checks on customers.
The agency also noticed problems with how the crypto exchange monitored and handled suspicious transactions and account activities.
National AML laws are important because they help prevent criminals from using crypto platforms to move illegal money undetected.
OKX Responds Amid Ongoing Pressure
OKX said it has made significant improvements over the past two years. A spokesperson said the company upgraded its systems, improved monitoring tools, and took action to fix issues even before being fined. The FIAU acknowledged that OKX took some of these steps voluntarily.
Meanwhile, this isn’t OKX’s only recent legal trouble. In February 2025, its parent company agreed to pay over $500 million to the U.S. because the company admitted that it never had the proper approval or official permission to offer its money transfer services in the U.S. legally. So, they are set to pay a fine of more than $500 million for operating in the U.S. for years without the necessary registration and licenses.
Despite the challenges, OKX has also secured an MICA license from the European Union, allowing it to offer services legally to 28 European Economic Area ( EEA) countries. This development highlights the company’s effort to expand its global operations and comply with evolving regulations in the crypto space.
OKX’s fine is a reminder that crypto exchanges must follow strict financial rules, just like traditional banks. Regulators are paying closer attention to how these platforms prevent crime. As the crypto industry grows, so does the pressure to stay compliant or face hefty penalties and loss of business.
