Under MiCA, an exchange that fails to implement effective systems to prevent money laundering or commits other serious violations faces penalties, including the potential revocation of its MiCA license

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Under MiCA, an exchange that fails to implement effective systems to prevent money laundering or commits other serious violations faces penalties, including the potential revocation of its MiCA license

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OKX denied the accusations it is being investigated by authorities on its official X account. The exchange reportedly faces penalties including losing its MiCA license, which it received in February

At issue for regulators is whether the Web3 platform is encompassed by MiCA, and if so, what potential penalties to impose on OKX, the people said.

Under Article 64 of MiCA, a regulator can withdraw a license if the entity holding it fails to have in place effective systems to prevent money laundering, or if it violates rules in other serious ways. Article 64 also allows ESMA and the EBA to request a national regulator to carry out an assessment of whether an entity is still in compliance with the terms of its license.

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