Crypto Exchange OKX was fined at $ 1.2 million by Malta to violate the money laundering rules

OKX in Europe – also known as OKCOIN EUROPE, is a subsidiary of Crypto Exchange OKX – 1.05 million euros ($ 1.2 million) by Malta’s financial monitoring on Thursday for violating the country’s money laundering rules.

The Financial Intelligence Analysis Unit (FIAU) said that the company failed to assess money laundering and finance the terrorist risk of terrorism that it provides from the products and has violated parts of the country. Preventing money laundering and terrorist financing.

“Organizational compliance is a top priority for OKX, and we are still committed to meeting and overcoming global regulatory standards,” Okx said in a statement.

The company also said that it had tackled the loopholes specified in compliance with it after reviewing the authority 2023. In the new notice, FIAU also praised significant improvements over the past 18 months.

OKX secured the desired markets to license the encryption assets (MICA) from Malta Earlier this year, which will enable it to provide encryption services throughout the European Union.

“The company was expected to establish the nature of the risks prevailing in the services it was providing,” the authority said. In its notification.

FIAU said that the exchange should evaluate the risks associated with using StablecoinsMixers that block the assets of transactions, privacy currencies, the symbols designed in order to not be identified, and the symbols on Decentralization exchanges.

OKX recently commented on a decentralized exchange complex after reports that European organizers were looking for how to use money from a The last penetration to exchange bybit.

Bloomberg first reported the story.