Okcoin
Europe, the European branch of the cryptocurrency exchange OKX, recently
received a fine of €304,000 from the Malta Financial Services Authority (MFSA) for
failing to comply with local laws related to virtual assets.
According
to the MFSA, when determining the amount of the fine, it took the
fact that OKX representatives cooperated with the regulator into account. However, no
detailed information was provided regarding the specific violations.
OKX Faces Financial
Penalty in Malta
OKX, which
has been operating in the Maltese market since 2018, is one of the largest
entities in the retail cryptocurrency exchange industry. However, the recent
fine imposed by the MFSA demonstrates that even the biggest players can face
temporary compliance issues with regulations.
The penalty
was imposed as part of a settlement agreement and the “goodwill”
shown by the company last month. The MFSA investigation revealed shortcomings
in relation to Article 41 of the Virtual Financial Assets Act.
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“By
means of a settlement agreement entered into between the Company and the MFSA,
the latter imposed an administrative penalty amounting to three hundred and
four thousand euro,” the MFSA stated in a press release.
JUST IN: OKX’s Okcoin Europe settles with Malta’s MFSA for €304K over regulatory issues. The payment, termed a “goodwill” gesture, addresses past compliance failings. #OKX
— THΞ FΞNNΞC (@Crypto_Fennec1) March 27, 2024
However,
the Maltese regulator took into account the fact that OKX cooperated, agreed to
appoint an external service provider, and review its processes for compliance
with local regulations.
Maintaining
a good relationship with the MFSA is essential for OKX, as Okcoin Europe is
responsible for serving clients within the European Union. Last year, the
exchange began expanding its territorial reach in Europe, applying for a
license in France, among other countries.
According
to the most recent Finance Magnates Intelligence report, OKX is the
fourth largest crypto exchange worldwide in terms of spot trading volumes.
These ranked at over $75 billion in February 2024.
Global Moves of OKX
OKX, one of
the world’s largest exchanges, is not limiting its activities solely to Europe
but is also expanding in other parts of the world. In mid-March, through its
local subsidiary, OKX SG, the exchange joined the growing list of crypto
exchanges with Singapore’s MPI License.
In
February, OKX unveiled OKX.TR, a localized platform tailored for Turkish
traders. The new exchange offers trading pairs denominated in Turkish Lira, catering
to the burgeoning interest in digital assets within the country.
However,
global operations in the decentralized crypto market are not always met with
success. Recently, the exchange had to shut down its services in India due to
local regulatory hurdles. OKX has notified its users in the country to close
their accounts and redeem their funds before 30 April. Despite the
setback in India, OKX continues to expand its presence in various regions
around the world.
Okcoin
Europe, the European branch of the cryptocurrency exchange OKX, recently
received a fine of €304,000 from the Malta Financial Services Authority (MFSA) for
failing to comply with local laws related to virtual assets.
According
to the MFSA, when determining the amount of the fine, it took the
fact that OKX representatives cooperated with the regulator into account. However, no
detailed information was provided regarding the specific violations.
OKX Faces Financial
Penalty in Malta
OKX, which
has been operating in the Maltese market since 2018, is one of the largest
entities in the retail cryptocurrency exchange industry. However, the recent
fine imposed by the MFSA demonstrates that even the biggest players can face
temporary compliance issues with regulations.
The penalty
was imposed as part of a settlement agreement and the “goodwill”
shown by the company last month. The MFSA investigation revealed shortcomings
in relation to Article 41 of the Virtual Financial Assets Act.
Keep Reading
“By
means of a settlement agreement entered into between the Company and the MFSA,
the latter imposed an administrative penalty amounting to three hundred and
four thousand euro,” the MFSA stated in a press release.
JUST IN: OKX’s Okcoin Europe settles with Malta’s MFSA for €304K over regulatory issues. The payment, termed a “goodwill” gesture, addresses past compliance failings. #OKX
— THΞ FΞNNΞC (@Crypto_Fennec1) March 27, 2024
However,
the Maltese regulator took into account the fact that OKX cooperated, agreed to
appoint an external service provider, and review its processes for compliance
with local regulations.
Maintaining
a good relationship with the MFSA is essential for OKX, as Okcoin Europe is
responsible for serving clients within the European Union. Last year, the
exchange began expanding its territorial reach in Europe, applying for a
license in France, among other countries.
According
to the most recent Finance Magnates Intelligence report, OKX is the
fourth largest crypto exchange worldwide in terms of spot trading volumes.
These ranked at over $75 billion in February 2024.
Global Moves of OKX
OKX, one of
the world’s largest exchanges, is not limiting its activities solely to Europe
but is also expanding in other parts of the world. In mid-March, through its
local subsidiary, OKX SG, the exchange joined the growing list of crypto
exchanges with Singapore’s MPI License.
In
February, OKX unveiled OKX.TR, a localized platform tailored for Turkish
traders. The new exchange offers trading pairs denominated in Turkish Lira, catering
to the burgeoning interest in digital assets within the country.
However,
global operations in the decentralized crypto market are not always met with
success. Recently, the exchange had to shut down its services in India due to
local regulatory hurdles. OKX has notified its users in the country to close
their accounts and redeem their funds before 30 April. Despite the
setback in India, OKX continues to expand its presence in various regions
around the world.
