Last month, OKX, the second-largest cryptocurrency exchange, quietly resolved a 304,000 euro ($329,000) settlement with the Malta Financial Services Authority (MFSA) for certain "deficiencies" related to its Okcoin Europe subsidiary.

The MFSA's investigation revealed shortcomings concerning Article 41 of the MFSA Virtual Financial Assets Act, which appears to mandate that regulated financial services or digital asset firms comply with the directives of the Maltese government to avoid penalties or expulsion from the country.

"On 22 January 2024, the MFSA agreed to resolve outstanding issues with the Company following a demonstration of goodwill by the Company," stated the regulator.

Furthermore, the Company and the MFSA have mutually agreed on several measures, including the appointment of an independent third-party service provider, to assess, among other things, the adequacy of the Company's governance arrangements.

OKX has been phasing out its Okcoin entities in Europe and the U.S. while rebranding them under the OKX name.