Malta Slaps OKX Crypto Exchange With $1,155,000 Fine Over Anti-Money-Laundering Violations
The crypto exchange OKX is dealing with more regulatory issues.
Malta’s Financial Intelligence Analysis Unit (FIAU) slapped the exchange with a €1.054 million fine ($1.155 million) for multiple compliance violations, including “failing to adequately assess” money-laundering/terrorism-financing risks associated with its products.
The FIAU, which probed the exchange in 2023, also claims OKX didn’t conduct reliable customer risk assessments (CRAs).
“The company was found to have failed to carry out a CRA upon establishing a business relationship for around 50% of the customer files reviewed as part of the compliance examination. Despite the company’s submissions that a CRA was conducted at onboarding for these…
