Crypto Exchange OKX Pays €304K in Malta for Compliance Failures

Okcoin
Europe, the European branch of the cryptocurrency exchange OKX, recently
received a €304,000 fine 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, ot took into account the
fact that OKX representatives cooperated with the regulator. 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
Settlement

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Read this Term 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.