EU watchdogs scrutinizing OKX over $100M in Bybit laundered funds: Report

Crypto exchange OKX has denied ongoing investigations by the European Union on its social media channels.

European Union regulators are reportedly looking into a service offered by crypto exchange OKX that may have played a role in the laundering of $100 million in funds from the Bybit hack, according to Bloomberg.

A March 11 Bloomberg report citing people familiar with the matter claims that national watchdogs from the EU’s member states discussed the issue during a March 6 meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee. The issue appears to be OKX’s decentralized finance platform and wallet service.

On Jan. 27, OKX announced that it had secured a full Markets in Crypto-Assets (MiCA) license to operate across all EU member states under a unified regulatory framework. The question for EU regulators is whether two OKX services fall under the MiCA framework and, if so, whether the exchange could be penalized.

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