De Nederlandsche Bank HAS Imposed a fine or 2.25 Million Euros on Crypto Service Provider Aux Cayes FinTech. The Company, Operating Under The Trade Name OKX, Offered Crypto Services in the Netherlands in recent Years Without Registration with the Central Bank. That is prohibited.
The services were offered from July 2023 to August 2024. The registration requirement for crypto service providers has bone in effect Since May 2020.
The Supervisor Imposed the Fine in May. The Central Bank Has Reduced the Final Fine Amount Due to the Steps Okx Has Taken to End The Violations and Prevent Recurrence.
The Registration Requirement Has Been Introduced Because Crypto Services Carry A High Risk of Money Laundering and Terrorist Financing. This is due to the anonymity that transactions with digital coins provide. With the registration, The Supervisor Can Better Monitor Whether the Risk of Criminal Money Flows is Sufficiently Countered.