On June 30, 2025, the crypto market is reacting to the fallout from a $505 million settlement between OKX and the U.S. Department of Justice (DOJ). This stems from violations of U.S. anti-money laundering laws, raising questions about regulatory oversight.
In January 2025, OKX received MiCA pre-authorization from the Malta Financial Services Authority (MFSA). This positioned OKX as a major player in the European crypto market. (Source: Reuters, June 13, 2025)
However, in February 2025, the DOJ announced the guilty plea and penalty. This has led to scrutiny of Malta's regulatory approach, particularly its MiCA pre-authorization process. (Source: Reuters, February 24, 2025)
The rapid processing of MiCA applications by Malta has sparked debate within the industry. Some stakeholders are concerned about the thoroughness of due diligence. The incident underscores the challenges regulators face in the evolving crypto sector. (Source: Reuters, June 13, 2025)