European regulators are reportedly discussing OKX's decentralized exchange and self-custodial services after Bybit accused OKX services of being used to launder at least $100 million from the $1.5 billion Bybit hack in February

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12:00am, Tuesday, March 11, 2025

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Earlier this month, Bybit CEO Ben Zhou claimed that at least $100 million in assets moved through OKX's web3 platforms

National watchdogs from the European Union’s 27 member states discussed the issue at a meeting hosted by the European Securities and Markets Authority’s Digital Finance Standing Committee on March 6, the people said, asking not to be named because the deliberations are confidential. OKX is subject to the EU’s new Markets in Cryptoassets, or MiCA, regulations. Regulators are zeroing in on OKX’s Web3 service, which the company markets as a decentralized-finance platform and self-custodial wallet that gives crypto traders access to various exchanges and blockchains, two of the people said. The hackers, which authorities have linked to North Korea, laundered about $100 million of crypto they stole through the Web3 platform, according to Bybit. 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.

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