Crypto Exchange OKX deals with more regulatory issues.
The Malta Financial Intelligence Analysis Unit (FIAU) has slapped the stock exchange with a fine of 1.054 million euros ($ 1.155 million) due to multiple compliance violations, including “failure to assess” money laundering risks “.
FIAU, who investigated the stock exchange in 2023, also claims that OKX has not conducted reliable customer risk assessments (CRAS).
“The company has turned out to have failed to implement CRA when creating a commercial relationship for about 50 % of customer files that were reviewed as part of the compliance exam. Although the company reports that CRA was conducted on board these customers, the collected evidence indicates that these customers have deposited thousands of dollars before the completion of CRA, with such an evaluation that is made for several months.”
Al -Malti organizer praised OKX on “major improvements made and implemented over the past 18 months,” but considered that an administrative penalty is still required due to previous “serious and methodological” failures.
OKX got the European Union markets (EU) in the license of encryption assets (MICA) in Malta earlier this year.
MICA is a new legislation for the European Union that defines rules covering supervision, consumer protection and environmental guarantee of encryption assets.
The organizational framework, which entered into effect in December, includes measures aimed at reducing financial crimes, including market manipulation, money laundering and terrorist financing. It also puts stablecoin exporters under the European Banking Authority and requires them to keep adequate liquid reserves.
In addition to the new FAIU fine, OKX has also entered into hot water with other organizers recently regarding the assembly of decentralized exchange (DeX).
Traders use DEX complexes to find the best price trades across various decentralized stock exchanges.
In February, Ethereum infiltrators of $ 1.4 billion stole the STETHO Exchang BYBIT. The borrowed investigator attached to the series Zakkptit, the exploitation of the Lazaros Group, a reputable North Korean criminal group.
Ben Zhao, CEO of BYBIT, said in March if it was transferred at a value of $ 100 million from the stolen eth through the OKX Web3 agent.
OKX said it had discovered coordinated efforts by the Lazarus Group to abuse the decentralized financing services (Defi) and indicated that she had made a “proactive decision” to temporarily suspend the DEX services after consulting with the organizers.
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