OKX, prior to launching its U.S. exchange and wallet, settled with the Department of Justice for $500 million over allegations of unlawfully soliciting U.S. customers without proper registration and inadequate anti-money laundering controls

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Feb 28, 2025 - 12:00am

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OKX’s renewed focus on the U.S. follows a settlement the exchange’s international entity reached with the Department of Justice in February. Prosecutors alleged that OKX failed to implement adequate anti-money laundering processes and solicited U.S. customers even though its international entity wasn’t registered in the States. As part of the agreement, OKX paid a $500 million fine, pled guilty to one count of operating an unlicensed money transmitting business, and agreed to pay for an external compliance consultant through February 2027.

The company's U.S. expansion follows a $500 million settlement with the Department of Justice, under claims of servicing domestic customers without a proper license.

In February, the DOJ announced that it has reached a settlement with OKX operator Aux Cayes FinTech Co. Ltd. The exchange, however, referred to Aux Cayes as "one of many" OKX affiliates. The Justice Department’s investigation involved Aux Cayes failing to obtain the proper license to operate a money transmitting business for U.S. customers, OKX said at the time. Despite having placed a policy preventing U.S. citizens from joining the platform, the DOJ claimed that OKX pursued U.S. customers, with one employee allegedly instructing them to provide false information to bypass restrictions.