OKX secures MiCA approval despite ongoing EU probe into $100M crypto laundering

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.