OKX has announced that it has secured full Markets in Crypto-Assets (MiCA) approval amid an ongoing European regulatory investigation into its Web3 platform. The platform was allegedly used to launder $100 million in stolen cryptocurrency from Bybit. This announcement was made on the company’s website on March 12.
OKX, a Seychelles-based cryptocurrency exchange, recently obtained a Markets in Financial Instruments Directive (MiFID II) license, allowing it to offer regulated investment services across the European Union. According to Crypto News, this development follows its earlier pre-authorization under the MiCA framework.
However, these approvals come as European regulators investigate OKX’s Web3 platform. Authorities are examining the platform’s alleged involvement in laundering approximately $100 million in stolen cryptocurrency linked to a $1.5 billion hack of the Bybit exchange. Bloomberg reports that hackers, reportedly associated with North Korea, used OKX’s Web3 services for laundering activities, prompting regulators to assess potential violations under MiCA regulations.
According to the Wall Street Journal, despite significant investments in compliance efforts, companies like Binance and Coinbase continue to face regulatory challenges. Binance has spent over $213 million on Know Your Customer (KYC) and Anti-Money Laundering (AML) programs and secured 21 regulatory approvals, including registration with India’s Financial Intelligence Unit. Meanwhile, Coinbase has expanded its global compliance efforts but still encounters legal battles in both the U.S. and Europe. These challenges underscore the ongoing scrutiny even highly compliant exchanges endure.
Founded in 2017 and based in Seychelles, OKX operates one of the largest global crypto exchanges. According to The New York Times, the company has faced multiple regulatory challenges, including a recent $500 million settlement in the U.S. for unlicensed transactions.
