European regulators are closely examining the role of OKX in laundering funds from a massive cyber heist on Bybit.
National regulatory bodies across the European Union deliberated on the issue during a meeting led by the European Securities and Markets Authority’s (ESMA) Digital Finance Standing Committee on March 6.
OKX Faces Intense Scrutiny
The focus of the inquiry is OKX’s Web3 service, which happens to be a decentralized finance (DeFi) platform and self-custodial wallet that facilitates access to multiple blockchains and exchanges. Reports indicate that hackers, allegedly tied to North Korea, funneled approximately $100 million in stolen cryptocurrency through this platform.
Bloomberg report suggests that authorities are now assessing whether OKX’s Web3 service falls under the jurisdiction of the EU’s newly implemented Markets in Cryptoassets (MiCA) regulation, which aims to oversee digital asset providers and ensure compliance with financial security measures.
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