Today in crypto, Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based arm — 1.1 million euros ($1.2 million) after detecting multiple Anti-Money Laundering (AML) failures on the platform in 2023, the Genius Group says it’s being forced to downsize its Bitcoin treasury by order of a US court, and President Donald Trump’s pick for US Securities and Exchange Commission (SEC) chair passed a key committee vote.
Malta regulator fines OKX crypto exchange $1.2 million for past AML breaches
Cryptocurrency exchange OKX is under regulatory scrutiny in Europe after Maltese authorities issued a fine for violations of Anti-Money Laundering (AML) laws in the past.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based arm — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in 2023, the authority announced on April 3.
While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU said.
OKX was among the first crypto exchanges to receive a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation via its Malta hub in January 2025.
The FIAU stated that at the time of the compliance examination in 2023, OKX compiled a business risk assessment (BRA) in an attempt to identify threats and vulnerabilities.
The regulators found multiple deficiencies within the BRA’s methodology, making OKX unable to properly access the money laundering risks it was exposed to and to take necessary measures to manage them, it said.
Some of those risks included potential threats from the use of cryptocurrency mixers or tumblers, privacy coins, stablecoins and the usage of tokens on decentralized exchanges.
An excerpt from FIAU’s penalty statement to Okcoin Europe. Source: FIAU
A spokesperson for OKX did not respond to Cointelegraph’s request to comment on whether the exchange admitted to such wrongdoing in the past.
“With this chapter behind us, OKX remains focused on the future — continuing to build a secure, transparent, and compliant platform for our users worldwide,” the representative said.
Genius Group says it’s been banned from buying more Bitcoin
Singapore-based artificial intelligence firm Genius Group says it’s temporarily barred from expanding its Bitcoin treasury after a US court order has banned it from selling shares, raising funds and using investor funds to buy more Bitcoin.
Source: Roger James Hamilton
A New York District court issued the preliminary injunction (PI) and temporary restraining order (TRO) on March 13 in connection with a broader dispute surrounding its merger with Fatbrain AI, the Genius Group said in an April 3 statement.
“Genius is taking all necessary measures to minimize Bitcoin sales but anticipates that it will need to downsize its Bitcoin Treasury in the coming months in the event the PI remains in place,” the firm said.
Paul Atkins’ SEC nomination passes committee vote
Paul Atkins is one step closer to securing the top position at the US Securities and Exchange Commission after the Senate Banking Committee voted to advance his nomination.
In an April 3 banking committee session, lawmakers voted 13 to 11 for Atkins to serve two consecutive terms as a commissioner at the government agency, effectively taking over former Chair Gary Gensler’s term.
Atkins’ nomination is expected to go to a full Senate vote in the near future.
Senator Tim Scott speaks at the committee hearing. Source: US Senate Banking Committee
Before the vote, committee chair Tim Scott said Atkins would bring “much-needed clarity” to the cryptocurrency sector.
Donald Trump selected Atkins to replace Gensler as the SEC head in December, roughly one month after winning the presidential election.
At the time, Trump praised Atkins’ track record as a former SEC commissioner and for his expertise in digital assets.
