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 also investigated the exchange in 2023 claims OKX did not carry out reliable customer risk assessments (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.
OKX received The markets of the European Union (EU) on the license from Crypto Assets (MICA) earlier this year 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, that operated 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 -Aggregators 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 in the Zachxbt chain linked The exploit for the Lazarus group, a notorious North Korean cyber criminal outfit.
Ben Zhao, Chief Executive of Bybit, said In March, that $ 100 million was moved to the stolen ETH by OKX’s Web3 -Proxy.
OKX said It detected a coordinated effort of the Lazarus group to abuse its decentralized financial (Defi) services and noted that it had taken the “proactive decision” to temporarily suspend his DEX Aggregator Services after consulting with regulators.
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