The Crypto Exchange OKX has to do with more regulatory problems.
The Financial Intelligence Analysis Unit (FIAU) of Malta struck the exchange with a fine of € 1.054 million ($ 1.155 million) for multiple compliance with, including “failure not to assess”, money homes/terrorism finance risks in connection with its products.
The Fiau, who investigated the exchange in 2023, also claims that OKX has not carried out reliable risk assessments of the customer (CRAs).
“The company turned out not to be performing a CRA when setting up a business relationship for about 50% of customer files that were assessed as part of the compliance exam. Despite the submissions of the company that was carried out at Onboarding for these customers, the collected evidence that such customers had been completed before a CRA was completed.”
The Maltese regulator has recommended OKX for “important improvements that have been undertaken and implemented in the last 18 months”, but considered that an administrative fine was still required because of the “serious and systematic” errors of the exchange.
Earlier this year, OKX received its market for European Union (EU) on the license from Crypto Assets (MICA) in Malta.
Mica is new EU legislation that establishes rules that relate to supervision, consumer protection and environmental protectors of crypto assets.
The regulatory framework, which came into force in December, includes measures aimed at reducing financial crimes, including market manipulation, money laundering and terrorist financing. It also places Stablecoin emission among the European Benet Authority and requires that they have sufficient liquid reserves.
In addition to the new FAIU fine, OKX recently also entered hot water with other regulators with regard to the decentralized Exchange (DEX) aggregator.
Traders use data from Dex-Aaggregators to find the best priced transactions in various decentralized fairs.
In February, hackers steel for a stunning $ 1.4 billion in Ethereum (ETH) and Lido Staked Ether (Steth) from the Crypto Exchange Bybit. Pseudonym researcher at the Zachxbt chain connected the exploit to the Lazarus group, a notorious North Korean cyber criminal outfit.
Ben Zhao, the Chief Executive of Bybit, said in March that $ 100 million was moved to the stolen ETH by OKX’s Web3 -Proxy.
OKX said it was a coordinated effort of the Lazarus group to misuse its decentralized financial services (Defi) and noted that it had taken the “proactive decision” to temporarily suspend his DEX aggregator services after consultation with supervisors.
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