The Malta Financial Intelligence Analysis Unit (FIAU) has fined crypto exchange OKX €1.1 million (~$1.2 million) for AML violations in 2023.

Over the past 18 months, OKX reportedly improved its compliance protocols, but FIAU said it “could not overlook” the serious and systemic shortcomings from before.

In 2023, OKX conducted a business risk assessment, but the FIAU found it insufficient. The deficiencies left the exchange unable to properly monitor transactions for money laundering risks, including those posed by mixers, privacy coins, and stablecoins.

FIAU also stated that OKX served clients outside the EU, despite claiming to be focused on the European market.

This isn’t the first compliance issue for the exchange. On February 24, 2025, OKX admitted to violating U.S. AML laws and agreed to pay over $504 million in penalties and restitution.

On March 11, Bloomberg reported that EU regulators were investigating whether OKX had ties to laundering stolen assets from Bybit. The platform’s team called the report “misleading.”