Crypto Updates

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

Flag of Malta and EU

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.

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 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.

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.

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