De Nederlandsche Bank (DNB) imposed an administrative fine of EUR 2,250,000 on Aux Cayes Fintech Co. Ltd., operating under the trade name OKX, for offering crypto services in the Netherlands without the legally required registration with DNB from July 2023 to August 2024. DNB linked the breach to the gatekeeper role crypto service providers play under the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), noting that the registration requirement applied to crypto service providers until 30 December 2024 and supported monitoring and reporting, including the ability to report unusual transactions to the Financial Intelligence Unit-Netherlands (FIU-NL). The fine amount reflected the severity, extent, duration and culpability of the non-compliance, and was reduced in light of steps taken by Aux Cayes to end and prevent recurrence, including facilitating the transfer of Dutch customers to a registered group entity. DNB noted that following the entry into force of the Markets in Crypto-Assets Regulation (MiCAR) on 30 December 2024, crypto service providers require a licence or authorisation from the Netherlands Authority for the Financial Markets or another European supervisory authority, and that this case relates to the pre-MiCAR registration period.
De Nederlandsche Bank 2025-09-03
Netherlands' De Nederlandsche Bank fines Aux Cayes Fintech EUR 2.25 million for providing crypto services without required registration
De Nederlandsche Bank fined Aux Cayes Fintech Co. Ltd., operating as OKX, EUR 2,250,000 for offering crypto services in the Netherlands without required registration from July 2023 to August 2024. The breach related to the Anti-Money Laundering and Anti-Terrorist Financing Act, with the fine reflecting the severity and duration of non-compliance. The penalty was reduced due to corrective actions by Aux Cayes, including transferring Dutch customers to a registered entity.